The buyers in the EURUSD in the early US session tried to extend back above its 200-hour moving average at 1.13999, but fell short of the high for the day at 1.1422. The US session high reached 1.14168. The price has since rotated back down between the 100-hour moving average 1.13659 and the 200-hour moving average 1.13999 (call it. 1.1400).
On one hand it's disappointing that the break back above the 200-hour moving average failed to gather momentum. On the other hand, the 100-hour moving average health support today at 1.13659.
So buyers and sellers in the short term can latch onto something from a short-term technical perspective. The battle continues.
Despite the upside failure, getting back above the 200-hour moving average (1.1400 level), would be a bullish tilt. In addition to being above the moving averages, the price is also still above the swing area near 1.1371 – 1.13754 (includes the 61.8% retracement of the range since 2020 at 1.1371, and the high price from 2023 and 1.13754 - both not shown). A move below that area is needed to tilt the technical bias more to the downside.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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