The EURUSD falls toward the hourly moving averages

Technical Analysis

Author: Greg Michalowski | forex

Stalls ahead of the 200 and 100 hour MAs

The EURUSD has had an up and down day so far with the last run to the downside extend the range and moving toward MA support on the hourly chart.

Stalls ahead of the 200 and 100 hour MAs
Looking at the hourly chart above, the highs for the day found sellers near an old swing area at 1.08607-646. The high price for the day reached 1.0867 and 1.0865 on two looks higher, before the move lower.

On the downside, the pair got within sniffing distance of the 200 hour MA at 1.0825. The low for the day reached 1.08296 (on two hourly bars).   The price has rebounded in early NY trading and trades at 1.08425 currently.  

Taking a broader look at the EURUSD weekly chart below, what is critical is last week the pair moved to a low of 1.0777. That filled the gap from the French election weekend back in April 2017. That gap was at 1.07768 to 1.0820 and remained unfilled until last week's trading.   

The price is above the high of that gap today. The low from yesterday reached 1.0845, but rebounded back above the 1.0820 level in the NY session.  Stay above 1.0820 will be eyed for more bullish clues.  Move below, and stay below will not be good for the dip buyers. 

The low for 2019 came in at 1.08787. Getting above that level (and staying above) would help the tone for that currency pair.  

If you don't like the EURUSD, stay below the 1.08787 level.  

EURUSD on the weekly chart

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