The EURUSD has moved back below its 200-hour moving average, which currently sits at 1.13919. The initial break occurred during the Asian session following fresh comments from President Trump on trade and from Fed Chair Powell. The pair then rebounded in the European session, rising toward the 100-hour moving average at 1.14336, where sellers re-entered and capped the upside.
Heading into the U.S. session, the pair traded in a range between the 100- and 200-hour moving averages. However, a rebound in stocks following this morning’s headlines helped push the USD higher, sending the EURUSD back down through the 200-hour MA.
With the pair now trading below the 200-hour MA, sellers have re-established short-term control. Downside momentum extended the decline to a session low of 1.1327—still above the earlier Asian low of 1.1307 and above a key support zone between 1.1271 and 1.1275.
On the daily chart, this 1.1271–1.1275 area remains a critical support confluence:
1.1275: Swing high from July 2023
1.1271: 61.8% retracement of the decline from the 2022 high
1.1263: Last week's Tuesday corrective low, which held before a sharp rebound
For the bearish case to strengthen, the price needs to:
Break below today’s low at 1.1307
Push decisively below the 1.1271–1.1275 support zone
Target the 38.2% retracement of the move up from the March 27 low, which comes in at 1.12505
Until then, sellers have the edge below the moving averages, but need confirmation from a breakdown of the key support levels to gain further momentum.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
Finally We wish PressBee provided you with enough information of ( EURUSD breaks below 200 hour MA )
Also on site :
- Mediators work on plan for long-term truce as Israeli strikes on Gaza kill nine
- Help! I Want to Get Families With Loud, Reckless Kids Kicked Out of Restaurants.
- NICE Approves Dual Immunotherapy for Aggressive Bowel Cancer