The EURUSD has fallen below the 200-day MA at 1.08173, and preceded to extend lower on the technical break. However, once the price reached the 200 bar MA on the 4-hour chart and the 100-day MA between 1.07946 and 1.07994, the buyers have stalled the fall, and there is a modest bounce higher.
That bounce has taken the price back up to 1.0808 currently.
Going forward the two daily MAs will help to define the bias tilt.
- If the price can move back above the 200-day moving average of 1.08173, that will shift the bias more in the direction of the buyers.
- If the price can move back below the 100 day moving average at 1.07946, that will shift the bias more in the direction of the sellers.
In between those two moving averages sits the 50% midpoint of the range since the June low at 1.0806. Having that cluster of moving averages near the middle of the range is consistent with the up-and-down trading range that has prevailed in the pair in 2024.
This article was written by Greg Michalowski at www.forexlive.com.
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