Forex technical analysis: EURUSD waffles near middle of range.

Technical Analysis

Author: Greg Michalowski | eurusd

It is a mixed technical picture.

The EURUSD is trading mixed in an up and down daily session. The US data sent the pair higher initially. That took the price above what I see as a Bullish above/Bearish below swing line (see red numbered circles) at 1.23836.  The low for the day so far stalled just ahead of the 50% of the 5 day trading range. Getting below that level digs further into the up and down trading range since March 6th.  


IN addition to the 50%, the 200 hour MA at 1.2350, the 100 hour MA at 1.23386 and a trend line that has 4 points now comes in at 1.23306. Those are downside targets and successive moves below those levels will be eyed by traders as more bearish clues.

Hold support targets - the downside targets are all important - and a move above the 1.23836 area should see the sellers giving up with a move toward the high for the day (and the last week) as targets.  

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