Technical Analysis

EURUSD now up on the day. Above the close from yesterday at 1.0686

EURUSD back in positive territory for the day

After barely taking out the low from Monday at 1.06547 earlier today (the low reached 1.06536), the EURUSD started the recovery higher.

The price has now erased the declines for the day and is above the close from yesterday at 1.0686. The current price is trading at 1.06945. The next target is at the falling 100 hour MA at 1.07046. Above that and the falling 200 hour MA at 1.0718 will be eyed.

Earlier today, the high price stalled at the 200 hour MA and rotated to the downside. Getting and staying above both the 100 and 200 hour MA is needed to give buyers more confidence.

On Tuesday – through the up and down volatility from the US CPI – the price DID move above the 200 hour MA but stalled near the 38.2% and swing area near 1.0800 (up to 1.0805). The inability to extend above that target, gave the sellers the go ahead to push lower.. The price eventually moved below and stayed below the 200 hour MA.

PS also watch the swing area above between 1.0707 and 1.0724. The 100/200 hour MAs are near those levels.

Articles You May Like

Market Turbulence Returns as Deutsche Bank Shares Plummet, Shaking Currency Markets
Aussie crypto exchange hints interest in Hong Kong base, but it’ll depend
US two year yield falls to new session lows
AUDUSD experiences a volatile week: Key levels determine market direction and bearish bias

Leave a Reply

Your email address will not be published. Required fields are marked *