EURUSD up for the fourth day in a row. Moves further from 200 day/week MAs

Technical Analysis

Author: Greg Michalowski | eurusd

Closed at 1.1369. Currently trades at 1.1393.

The price of the EURUSD is up for the 4th day in a row.  The pair bottomed (and was lower on the day) at 1.11808 and has reached a peak of 1.1398 today - just short of the natural resistance at 1.14000.  We currently trade at 1.1393.  

On Friday, the pair moved above 200 day MA for the first time since May 2018.  That is significant and that 200 day MA will be remain a barometer for bulls and bears going forward.  Stay above is bullish. Move below is more bearish. 

The 61.8% of the move down 2019 high comes in at the current trading level at 1.13927.   Trade more comfortably above it, and above the 1.14000 level, and the March high at 1.1447 becomes the next target on the daily chart The January highs come in at 1.15137 and 1.15696 and will also be targets on the daily chart.

Closed at 1.1369. Currently trades at 1.1393.
Drilling to the hourly chart, the pair's run higher is doing a good job of staying in a channel. The upper line was tested on Friday and again in the early part of today. That trend line currently comes in at around the 1.1413 level (and moving higher).  That would be the closest target a break of the 1.1400 level today.  

Ont he downside, the corrective low after the early run higher, comes in at 1.1372. In addition to the 200 day MA at 1.13495, the 1.1343-469 area was home to swing highs from June 7 and June 12. The 200 week MA comes in at 1.1344 this week. That is also in that swing area.  All those levels were broken on Friday and helped trigger stops/more buying (see yellow area) and will be key risk defining level for longs/bulls this week.  Stay above is more bullish.  

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