EURUSD traders are not sure what to do today

Technical Analysis

But the EURUSD does stay above 1.1300 today

If you look at the price action in the EURUSD today, you would conclude that the traders are really not too sure what it wants to do.

There was a high spike up to 1.1331. The lowest low came in at 1.1301.  I guess you can say, that the pair held above the 1.13000 level (natural level of support).  

Given the price still remains above it’s 100 hour MA at 1.1285 (and moving higher) and above the 100 day MA below at 1.12719, you have to give the subtle nod to the buyers. It will take an erosion below the 1.1300 level, and then the 38.2% of the last leg higher (at 1.12897) and rising 100 hour MA at 1.1285 to increase the selling momentum (and bearish bias). 

Giiving the sellers some hope, is that the highs yesterday broke above a topside trend line and failed (see hourly chart above).   Also helping a little is the 1.1323 level was a swing high on the daily chart back in April.   The price has traded above and below that line the last few days as the market figures out what it wants to do. We currently trade below it.  We also trade below the 50% of the move down from the January 2019 high at 1.1338. Both are bearish tilts.   

A bullish tilt, is the price remains above a broken trend line at the 1.1300 level. That increases the 1.1300 levels importance for the day (going forward).    

EURUSD on the daily chart is battling


Products You May Like

Articles You May Like

Ex-SEC chief: Markopolos targeting GE for a short-seller and not as a whistleblower ‘suspicious’
Belgian August business sentiment -5.8 vs -5.0 prior
Italy’s DiMaio: Started talks to form a majority, but….
Forex Trading Systems To Make A Living – Scott Welsh | Trader Interview
Stocks Mostly Up Before Powell Speech, Japan-Korea Trade War Grows

Leave a Reply

Your email address will not be published. Required fields are marked *