Technical Analysis

EURUSD checks 200 hour MA/100 hour MA on rebound, and backs off.

Again towards the center of the 2 day vary

Yesterday noticed the EURUSD transfer greater at first and take out the December highs a 1.14848. That break outdoors the “pink field” that has confined the vary since December 17th failed.   The remainder of the day, the worth trended decrease.  

Within the new day, the flash crash within the JPY pairs, dragged the EURUSD down and outdoors the “pink field” on the draw back.  That break additionally failed. The clue from the technicals was that on the correction into the NY opening, noticed the low of the decrease consolidation ground at 1.13365 maintain.  The previous couple of hours has seen the consumers take the worth again greater.

What now?

The rise has approached the 200 and 100 hour MAs at 1.14124-193 space. The value has additionally moved above the 50% retracement at 1.1401.  

Sellers appear to be leaning in opposition to the MAs. A transfer under the 50% might see extra promoting from the consumers today- particularly as London/Europe merchants look to exit. Beneath is the outdated pattern line at 1.1385 presently.

ForexLive


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