Remains below 100/200 hour MAs
The EURUSD moved higher today. The low was in the early Asian session at 1.17836 That was near the lows from yesterday’s trading at 1.17835 (about as close as you can get). The inability to move lower, turned sellers into buyers and the price moved higher.
The move to the upside in the pair, took the price to the 100 hour MA (blue line in the chart above) at 1.1836 (at the time ) and the 200 hour MA at 1.18478. The high price for the day stalled between those MA levels at 1.18419 and moved back lower. The market found the sellers.
The current price is trading at 1.1810. That is near the midpoint for the day’s trading range at 1.18128. There is a trend line connecting the lows for the day at 1.1807. The 1.1800 area is the next target followed by the floor developed yesterday and today at 1.17837. Get below each (and stay below) will be eyed by sellers for more downside confidence.
Should the trend line hold (or the 1.1800 level after that, etc), a move above the 100 and 200 hour MAs is still needed to tilt the bias back to the upside. Absent that, and the sellers are still in control.