Wednesday , 6 November 2024
Home Forex EURUSD moves back to the 100 hour MA after the push against the 200 hour MA stalled.
Forex

EURUSD moves back to the 100 hour MA after the push against the 200 hour MA stalled.

The EURUSD moved higher in the early US session and tested its 200-hour moving average currently at 1.08342. Although the price ticked above the MA line on a few hourly bars, the momentum stalled.

The buyers turned to sellers, and the price has moved back to the 100-hour MA (blue line) at the 1.08056. The price is currently banging against the level, but so far finding support buyers.

The two moving averages are the bias-defining levels in the short term. Yesterday the price moved above the 100 hour moving average for the first time since September 30 and increased the bullish bias. .

Today, the 200 hour MA has been broken by a pip or two increasing the bullish bias, but momentum quickly faded. The price has not closed above the 200-hour MA since September 30. .

So the sellers fended off the upside try by the buyers. Can those sellers now keep the pressure on with a break back below the 100-hour MA?

A move below would have traders looking toward 1.0776. Below, that and the door opens to the low for the week at 1.0761, followed by a swing area between 1.0710 and 1.07346.

This article was written by Greg Michalowski at www.forexlive.com.

Leave a comment

Leave a Reply

Your email address will not be published.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

Related Articles

Goldman maintains 12 month S&P target at 6300.

Goldman Sachs is saying that they keep its 12 month target for...

AUDUSD falls to lowest level since early August but bounces higher

The AUDUSD fell ahead of the election results and in the process...

EIA weekly US crude oil inventories +2149K vs +1103K expected

Prior was +5474Crude oil inventories +2149K vs +1103K expGasoline inventories +412K vs...

Harris to deliver concession speech at 6 pm ET (Update: might be 4 pm ET)

Harris will deliver a concession speech at 'around' 6 pm ET. Biden...