EURUSD continues to toy with the 100 day MA on the downside

The EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be Read this Term has traded in an up-and-down trading range today. On the downside, the price continues to toy with its 100-day moving average Moving average A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot A moving average is a statistical tool that is used to smooth out short-term fluctuations in data and reveal longer-term trends. It is calculated by taking the average of a certain number of data points over a specific period of time, and then plotting that average as a line on a chart. The most common types of moving averages are simple moving averages (SMA) and exponential moving averages (EMA).In financial markets, moving averages are often used to analyze stock prices, exchange rates, and ot Read this Term. That level currently comes in at 1.09164. The low price today did extend below that level to a low of 1.0912, but momentum could not be sustained in the price rebounded back higher.

The price move back higher took the price above an old swing area between 1.09329 and 1.09421, but momentum stalled at 1.0955. The price is currently trading back down toward the 100-day moving average at 1.0924.

The low to high trading range of 43 pips is narrow (the average is around 78 pips). Traders are looking for the next shove.

Technically,

• Moving back below the 100-day moving average at 1.0916 (and staying below) would target 1.0886 – 1.0899 swing area. Move below opens the downside door even more.
• Moving back above 1.0942 and staying above could see traders start to push toward its falling 100 hour moving average of 1.0984. The last 3 tests of that moving average found willing sellers near it.

Sellers are more in control but the 100-day moving average is providing formidable support as well. Be aware.