Moving away from 100 hour MA after trading above and below today
Yesterday, the pair stayed below the falling 200 hour MA at 1.15769 keeping the sellers more in control. Ultimately, the buyers will need to extend above its 200 hour moving average if they want to take back more control. The price is not traded above its 200 hour moving average since September 14, nearly a month ago.
The pair is also trading back below the 200 week MA at 1.15689. Recall the price has traded above and below the 100 and 200 week moving averages. The 100 week moving average is at 1.1608 this week. The high price yesterday could not extend up to that higher moving average level. Today the price is moving away from the lower 200 week moving average (more bearish). The next key target on the weekly chart is the 50% midpoint of the range since the 2020 low at 1.14918.
PS. the EURUSD just pushed to a new low and extended the range to 37 pips. The pair has moved below Friday’s employment low at 1.15407 and only has the low for the year at 1.15284 as the next target.