Up and down price action today
The EURUSD has extended its trading range as it moves to a new session lows to 1.17477. The price has now moved back below the broken 38.2% retracement at 1.17569 (of the move down from the July 30 high). Further downside momentum targets 1.17416, followed by the 100 hour moving average at 1.17371.
On Monday, the price moved above its 100 hour moving average, moved lower to retest it, found buyers against that level and pushed higher. Moving back below the 100 hour moving average would it further increase the bearish bias with the 200 hour moving average at 1.17292 the next target after that.
The chart above shows a number of swing areas (just follow the color circles and yellow areas). Those levels are bias and risk defining clues for traders, although they are all scrunched together. That is a function of the markets uncertainty.
Overall since July 30, the price action is on the lower half of the range since that peak (below 1.17857. That’s the tilt of the Bears. The tilt of the bulls is the price is still above its 100 and 200 hour moving averages. For now the intraday tilt is more to the downside below the 38.2% retracement and trading at new session lows.
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