Up and down and up trading this week
The EURUSD closed last week near 1.1845. The current price is trading at 1.18446. There has been a good amount of ups and downs but at the moment, the change for the week is as close as it can get without being unchanged.
Nevertheless, in between the end of last week and now, the price action saw the pair move higher into the Tuesday high at 1.18999 (call it 1.1900). That was a nice natural level to lean against. There were not one, but two highs against that level on Tuesday (see hourly chart below). Keep that level in mind going forward. If it stalled the rise twice and at a key natural level this week, it will remain a key level going forward.
The pair fell to the Thursday low at 1.17362. That move took the price to the lowest level since August 12 - taking out the September low in the process at 1.17518 and the August 21 low at 1.17533 (see daily chart below). However, the pair could not break the August low at 1.17103. The price moved back above the 1.1751-53 area, and the pair trended higher. The price moved above both the 200 and 100 hour MAs by the close yesterday tilting the bias more to the upside (blue and green lines on the hourly chart above).
Today, the price tried to move higher but kept on returning to the 100 hour MA at 1.1813 currently. The price over the last few hours has moved back below the 100 hour MA but has found support buyers at the 200 hour MA at 1.18308. That has been the floor today and will remain a barometer for the buyers and sellers. Stay above (and if the price can also remain above the 100 hour MA all the better) and the buyers hold onto the control. Move below, and all bets are off as the bias tilts more to the downside.
It's Friday. That can lead to choppy the price action especially as London traders head for the exits. Be aware. For now, the pair is waiting for the next shove, but at/near neutral levels.
