Analysis

EURUSD hangs slightly below 100 hour MA. Key barometer into the brand new day

EURUSD 100 hour transferring common at the moment at 1.21081

The EURUSD on Wednesday, moved up and prolonged above its 200 hour transferring common (inexperienced line). The pair traded above the transferring common on three separate hourly bars and closed above on one of many three. It was the 1st enterprise above the 200 hour transferring common since January eight.  EURUSD 100 hour moving average currently at 1.21081

Nonetheless, momentum couldn’t be sustained. Actually, the worth couldn’t attain the 38.2% retracement of the transfer down from the January 6 excessive at 1.21658 (the excessive worth for the day attain 1.21577).  In consequence, consumers turned to sellers and the worth fell to session lows at first of the NY session. 

That New York session low did effective assist consumers towards the underside of the damaged pattern line (see crimson numbered circles) line and rebounded increased. 

The corrective transfer increased retested the 100 hour transferring common at 1.21081 (blue line within the chart above).  Though the worth traded above that transferring common line on four or so hourly bars, the consumers couldn’t muster a lot upside momentum.  The final four hourly bars traded under the MA line giving the sellers extra management. 

Admittedly, the sellers did not precisely push the worth a lot decrease (the New York afternoon low got here in at 1.2098).  Nonetheless, it is going to now take a transfer above the 100 hour transferring common (and staying above), to present consumers extra management. If there may be extra shopping for, a revisit of the 200 hour transferring common at 1.21396 can be the brand new day goal.

On the draw back, the 1.20806 degree is a assist goal, adopted by the underside of the damaged pattern line at the moment at 1.20628. The low from Monday’s commerce reached 1.20529 and can be one other down facet goal. 

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