Technical Analysis


Monday high. Friday low

The EURUSD reached a high on Monday at 1.1790. The low today reached 1.16119. That took the price below the July 4th low at 1.1629 but it fell short of the July 2 low at 1.1591. 

The bounce has seen the price move back toward the 50% midpoint of the move up from the June 28 swing low at 1.15264. That comes in at 1.1658.  A move above that level will look toward a channel trend line at 1.1663 on the hourly.  The close from yesterday was at 1.16683.  Often times, that too becomes a magnet (and also stall level). 

Drilling to the 5-minute chart below, the price earlier in the day dipped below the 100 bar MA (blue line) and stayed below on 4 separate tests.  

The corrective move higher has now taken the price back above the 100 bar MA at 1.16344 and above the 200 bar MA (waffling above and below that MA line – green line).  Traders looking for more of a correction higher, will probably use those MA as bias clues now.   The price needs to stay above to have a chance for more upside.

UPDATE: the price just spiked up to the 1.1663-68 area.  The trend line on the hourly and the close from yesterday are in that area. 

ForexLive



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