Technical Analysis

EURUSD strikes again towards 50% midpoint. Bounces.

Yesterday the pair pushed exterior the three month vary

The EURUSD rallied yesterday on greenback promoting (Fed communicate and FOMC minutes pushed the greenback decrease), and within the course of, moved exterior the “crimson field” that has outlined the up and down buying and selling vary (largely) since October 22 (practically three months).  The transfer above the swing highs at 1.1485-1.1500 was the technical catalyst for the run increased.

If an almost three month vary is damaged, merchants ought to now search for that “field” to carry assist on the check.  What was as soon as resistance (ceiling), now turns into assist.

Immediately, the value rotated decrease and examined the 50% midpoint forward of the “crimson field”. That degree is available in at 1.15145. The low reached 1.15173.  Dip patrons appear to be leaning forward of the important thing space.   We at present commerce up close to 1.1540.  Consumers are holding management.

The 1.1550 is a topside goal and above that, the 1.15854 and 1.1620 might be eyed.  The 200 day MA is at 1.1635 and can’t be dominated out as a goal over time.  

ForexLive


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