It ain't the best of times for trends....
The EURUSD song remains the same for the EURUSD. The price action remains back and forth and swings can be kinda random. It ain't the best of times for trends, that is for sure.
Anyway, the EURUSD is back trading near/through the 100 and 200 hour MAs at 1.1373 and 1.13663 respectively (blue and green lines).
There are a few swing areas on the topside that the market has leaned against on rallies. The 1.13974-1.1401 is one. It stalled rallies on November 29 and 20. Yesterday, there was a swing low intraday at 1.1401 before later moving below that area. Today, the price high stalled at 1.13995.
Below, a trend line and the 50% of the move up from the November 28 low comes in at 1.1354-56. A lower trend line cuts across at 1.1342 (and moving higher). The low today stalled at 1.1348.
Fundamentally, the story line is muddy with lots of twists and turns (Brexit effect, Italy budget, slow down?, end of QE this week, tariffs). Technically, the story line is also full of twists and turns.
To trade it, pick spot (highs and lows), lean and hope the market agrees. If you trade a break, watch for failures. The sentiment can turn on a dime. Finally, don't fall in love with positions/views. Instead fall in "like" with them. Keep your options open.
