So the pair’s price still remains between the 100 hour moving average above at 1.1077 and the 200 hour moving average/61.8% retracement below near 1.1036. Traders remain waiting for the next shove in the either direction. In the meantime they are leaning against the levels.
For the week, the EURUSD price low was on Monday at 1.10941. There were two bottoms near that level before the price started to move back to the upside. On Tuesday, the price was able to get back above the 100 and 200 hour moving averages (blue and green lines). The retest of the 200 hour moving average today – at a modestly higher level versus Tuesday’s break – is the first return to that moving average level since the break.
The run to the upside on Tuesday – and continuing to Thursday – was able to take the price above the 50% midpoint of the move down from the February 10 high at 1.11497. Yesterday that midpoint was rebroken to the downside and buyers turned to sellers. The price has been retracing and now is below the 50% midpoint of the weeks trading range at 1.10641. That level will also be eyed on the upside as a potential intraday clue. Stay below it and the sellers hold onto the most control in the short term.
Traders are waiting for the next shove. Can the price stay below the 50%/100 hour moving average above? Can the 200 hour moving average/61.8% retracement be broken below?