The EURUSD moved to a low of 1.0963. That was just above the low from yesterday at 1.09604 (which was kind of random).
The price has since moved back to the upside as sellers frustrated and turned back to buyers. The price high just reached 1.10049. That was just short of its 200 hour moving average at 1.10058.
The story remains the same (I apologize) with the 200 hour moving average acting as a barometer for buyers and sellers.
- Last week, on March 16 the pair found support against the 200 hour moving average and again on March 18.
- On Monday this week, the price moved down to retest the moving average and fell below the level on Tuesday.
- Later on Tuesday the price moved back above the moving average finding resistance sellers against the 100 hour moving average (blue line).
- That 100 hour moving average provided resistance again today, and the price fell below the 200 hour moving average (again).
- Sellers have now leaned against the 200 hour moving average on the corrective move higher.
I guess it might be safe to say that traders will take their clue from what happens at the 200 hour moving average. If the price does move back above, a move back toward the 100 hour moving average would be targeted. Stay below the 200 hour moving average and the 1.0971 level at the 50% midpoint, and the low from yesterday and today between 1.09604 and 1.9063 would be the next targets