Technical Analysis

EUR/USD a little lower but yet to break stride since trading last week

EUR/USD continues to trade in a narrow range close to 1.1200

ForexLive

Of note, price is back below the 100-hour MA (red line) as buyers are looking exhausted in keeping the upside momentum going. Price has been consolidating around the 1.1200 handle and has been pivoting around the 100-hour MA over the past few sessions.

Currently, the move lower sees price test the near-term trendline support @ 1.1184.

A move below that will allow sellers to gather more momentum to the downside but price needs to break the 200-hour MA (blue line) @ 1.1160 in order to see a real run lower.

As it stands, there isn’t much for traders to go on as price continues to bounce around narrow levels to start the new week.

Let’s see if we’ll get anything more interesting as the day progresses. For now, markets are still sending a bit of mixed signals with equities and bonds holding firmer to start the day.

Update: Price just hit a fresh low of 1.1170 now. Looks like we could be seeing a real move lower to test the 200-hour MA @ 1.1160.

Articles You May Like

Atlanta GDPNow tracker for 3Q growth remains unchanged at 2.2%
ស្វែងយល់អំពីឧបករណ៍និស្សន្ទ | Beginner Guide to Investing Forex Trading Cambodia
FX option expiries for Friday August 16 at the 10am NY cut
Master Technical Analysis – The ULTIMATE beginners guide to Technical Analysis Trading (part 1)
ECB’s Rehn says it’s better to overshoot on stimulus than undershoot

Leave a Reply

Your email address will not be published. Required fields are marked *