Today, the price in the Asian session moved to a new high since March 1 at 1.11841, but has since retreated. In the London morning session today, the price cracked back below its 50% midpoint at 1.11497. Buyers turned to sellers and the price has continued its run to the downside bottoming at 1.1087. The current price is trading above and below the 1.1100 level with a high off the low reaching 1.11125.
The inability to stay above the 50% retracement disappointed the buyers and has pushed price back into the up and down trading range that has confined the pair below the 50% retracement level.
On further downside momentum, the broken 38.2% retracement comes in at 1.10684 while the rising 100 hour moving average comes in at 1.10562. The 200 hour moving average is at 1.10331. Those levels are all downside targets on more selling pressure today.
On the topside, the swing high going back to March 10 comes in at 1.11207 and above that a swing area between 1.11369 and 1.1143 are upside targets ahead of the aforementioned 50% retracement 1.11497. Those levels would need to be taken out for the buyers to take back more short term control.
For the week, the low was on Monday at 1.09438 (there were two lows near that area which formed a bottom). On Tuesday, the pair’s price moved above both its 100 hour moving average and 200 hour moving average, with the latter leading to increased momentum to the upside.
The high price on Wednesday did stall against the aforementioned swing area between 1.11369 and 1.1143. Yesterday saw the trading above and below the higher 50% midpoint before settling above that key barometer and failing today.
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