Credit: Shutterstock photoIts been a similar storyline for the EURUSD this week technically
The storyline for the EURUSD has been similar.
- Stay or move below the 100 and 200 hour MA and that is more bearish.
- Move above those MA and it is more bullish.
- ON a break below, the MA lines and the pair will target the lows from December which are also the lows for the calendar year.
- On a break above the MA lined, the 1.0462 was the low price from 2015 trading. That is an upside target to get and stay above.
- Above the 1.0462 and the 38.2% at 1.0473, and the highs from Dec 19 and yesterday at 1.0479 are targets.
Well the story has been true to the script for the most part this week (see chart above). In trading today, the Asian session has seen the price test the 100 hour MA (blue line) after extending above the 200 hour moving average (green line in the chart above). The break above the 100 hour moving average has sent the price up to first test the 1.0462 level, then the 38.2% and recent highs at 1.0473-79. The rally stalled there.
We have since moved down toward the 100 hour MA where support held.
So we currently trade below 1.0462, and above the 100 hour moving average of 1.04428. Although activity is light, the technicals seem to defining the storyline. Traders will look for the next break but there seems to be a little advantage to the buyers in trading today as long as the MAs can hold support.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
