TECHNICAL ANALYSIS

EURUSD bounces on retracement levels. Approaches 100 hours MA


100 hour MA increase to 1.12563

EURUSD has moved up and down today. The lowest extending below a trend line on the hourly chart, but saw the price rebound higher on the 38.2% increase from the May 29 low and 61.8% on the rise from last Thursday’s trough. These levels are located in area 1.1268. The lowest point today reached 1.1276.

100 hour MA increase to 1.12563

The pair also fell before the 100-hour MA rise to 1.12563.

Prior to Friday, EURUSD increased 8 consecutive days (Friday’s drop halted this chain) and the price has been above 100 hours MA since May 26 (on day 10). A move below would weaken the technical picture and could see more downside polls.

For now, however, the price is bouncing on the lows, the pair currently trading just above the level of 1.1300.

On the top, look at the area 1.1312 – 1.1319. A move above would tilt the upward bias further as the market consolidates.

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