Traders set the 200 hour MA as topside resistance for the EURUSD

Technical Analysis

Author: Greg Michalowski | eurusd

Price rise today could not extend above the 200 hour MA

The price action today in the EURUSD did a good job of following standard technical levels.

Price rise today could not extend above the 200 hour MA
At the low, the pair stalled near the 50% retracement at 1.1721. The low for the day reached 1.17181 and quickly rebounded.

At the North American session high, the price tested its 200 hour moving average (green line in the chart above) on 2 separate hourly bars and each one found willing sellers leaning against the level.  The 200 hour moving average comes in at 1.1769, while the high for the day reach 1.1770.

The current price is trading at 1.17529 nearer the 200 hour moving average but still a number of pips away from that level.  

In the new trading day an interim level to I might be the 38.2% retracement of the move up from the September 25 low. That level comes in at 1.17469. In the New York afternoon session, the price has dipped below that level but there has been no hourly bar close is below it. A move below would with momentum would be more bearish and have traders looking again toward the swing low from last Thursday at 1.17308, the swing low from last Wednesday at 1.17243, and the 50% retracement 1.17211.

If the 200 hour moving average is broken, getting back above the 100 hour moving average at 1.17812 would be the next obvious hurdle followed by the underside of the broken trend line at 1.1791 (and moving higher)

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