Toward the start of the US session (see earlier post here), the EURUSD moved below it’s 100 hour MA and was testing the swing high from Friday. Moving below those levels would have tipped the bias more to the downside – which is what happened.
The downside target (also outlined in the post, was at a lower swing area between 1.0863 and 1.08728. The price decline stalled near the high of that swing area, and the price moved higher to retest the 100 hour moving average.
THe current price is between the two levels at 1.0883 (100 hour moving average at 1.08913 and swing area between 1.0863 to 1.0873)
The new day will use those levels as barometers for bullish or bearish. Move above the 100 hour moving average at 1.08913, and the bias will shift more in favor of the buyers. Conversely a move below 1.08728 and then 1.08633, and the sellers are more in control.
Leave a Reply