Technical Analysis

EURUSD moves back toward the rising 100 hour moving average The EURUSD started the US session above the 100 hour moving average after a successful test during the London session stalled the fall (eurusd-backs-up-to-the-100-hour-ma-and-sees-modest-bounce-20220527/” target=”_blank”>see post here). The price continued the rally to the upside as softer data helped to push the dollar lower. The EURUSD moved up to retest the high price from Tuesday’s trade near 1.0748, and the swing area going back to mid to late April between 1.07568 and 1.0760. The high price stalled at 1.0764. The high price in the in the US session just reached 1.07488 just above the lowest of that area. However, sellers entered and push the price down into the London 4 PM fixing. The price moved all the way back down to retest its 100 hour moving average at 1.07019. The low price just take to 1.07009. It is a the 100 hour moving average has held support on Wednesday, Thursday and again today. Will the level hold again for the 2nd time today in the 4th time this week?Move below the 100 hour moving average with momentum and there is room to roam to the downside with the 50% at 1.0642 as the next key support. That stalled the fall on Wednesday. The low price yesterday reached 1.0675 and would be a closer downside target on a break with momentum lower.

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