EURUSD dips back below the 100/200 hour MA

The Daly comments on inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term, has the dollar moving to the upside. That has 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 moving back below the 100/200 hour MAs tilting the bias back to the downside.

Earlier today, the price in the Asian session tried to break to the upside and above the 50% midpoint of the move down from the June 27 high. That level comes in at 1.02829. The high price reached 1.0293 before fading back to the downside. The buyers went for the stops. Once they were triggered, the follow through buying was a dud and buyers were forced to turn back to sellers.

With the price now back below the hourly MAs, the focus shifts toward the lower extremes of the range. First, the price is looking to test an upward sloping trend line at 1.0181. Move below that level and trading will focus on other recent lows. The low from Friday reached 1.0145. The Thursday low was 1.0115. The low of the ups and downs reached 1.0095. Move outside those levels and the pair exits the up and down range that has confined the pair since July 18.

Meanwhile the GBPUSD has moved down to test its 100 hour MA.

See the earlier technical summary video outlining the key levels in play today.