Technical Analysis


Sniffed 200 week MA at the lows today.

The EURUSD moved to the lowest level since August 15 when the price ended up bottoming at 1.1300.  Looking at the weekly chart, the low today at 1.1335 sniffed (with 21 pips) of the 200 week MA at 1.1314. That should be a key target level.  Move below it would be bearish. Staying on the weekly chart the 1.1282-1.1311 is a swing level too.  So coming into support this week. 

Drilling to the 4-hour chart, the price fell below a lower trend line yesterday, and is trying to stay below that line today. The underside of the line comes in at 1.1373. The price has moved above the line, but could not find momentum.  If a bottom is in place, that level needs to be busted and stay busted. 

Drilling to the 5-minute chart, the price has retraced to the 38.2-50% correction zone area of the day’s range today. That comes in at 1.1353-59. The falling 100 bar MA (blue line) comes in at 1.13607.  Getting above those levels and then the 1.1373 from the 4-hour chart are the targets for the bulls. Stall at the areas, and seller remain in control.

ForexLive



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