EURUSD higher but with more work to do to increase the bullish bias
The EURUSD is trading back higher in what has been an up-and-down trading day. The low in the US session moved down to test the low from late Friday and early Asian trading. Buyers leaned. The subsequent bounce has taken the price back up to and through the 100-hour MA and 38.2% at 1.0709 and then to the high swing area between 1.0722 to 1.07327. The price earlier today stalled in that level and rotated lower.So there is a symmetry to the days price action. The problem is, the pair remains confined by that range.What next?If the buyers are to take control, holding the 100-hour MA and the 38.2% at 1.0709 would be a goal for the buying traders. For bears, moving below that 100-hour MA and then to and through the 200-hour MA (green line on the chart below) at 1.06827 would give the sellers more confidence. This article was written by Greg Michalowski at www.forexlive.com.
The EURUSD is trading back higher in what has been an up-and-down trading day.
The low in the US session moved down to test the low from late Friday and early Asian trading. Buyers leaned.
The subsequent bounce has taken the price back up to and through the 100-hour MA and 38.2% at 1.0709 and then to the high swing area between 1.0722 to 1.07327. The price earlier today stalled in that level and rotated lower.
So there is a symmetry to the days price action. The problem is, the pair remains confined by that range.
What next?
If the buyers are to take control, holding the 100-hour MA and the 38.2% at 1.0709 would be a goal for the buying traders.
For bears, moving below that 100-hour MA and then to and through the 200-hour MA (green line on the chart below) at 1.06827 would give the sellers more confidence. This article was written by Greg Michalowski at www.forexlive.com.
