Holds the outdated yr low on correction/Not a lot love above the 100 .
The EURUSD moved greater after the weaker US knowledge as we speak, and that transfer took the worth above its 100 hour MA (blue line at 1.13004 presently). The value reache a excessive of 1.1310 however corrected all the way down to the 1.1288 stage after momentum stalled.
That 1.1288 stage is considerably important The extent corresponds with the swing low from Jan 24. Patrons leaning agains the outdated swing low? Properly, lets give them the advantage of the doubt.
The present value is buying and selling close to the 1.1300 stage once more. If the pair is to proceed to go greater, it must crack that 100 hour MA and 1.13000 levle and keep above. It’s that easy.
What makes the run lower than spectacular as properly is that the excessive from yesterday reached 1.1341. The excessive is properly beneath that stage.
So….Sure….we’re greater. The US knowledge was a disappointment however the “market” remains to be involved in regards to the EUR too (and perhaps extra). It’s exhausting to like the EUR.
We’ve to commerce what we see, and proper now what I see is combined. A transfer above the 1.1300 stage would change that view and holding 1.1288 is retaining the upside alive, however solely barely.