Technical Analysis

EURUSD looking for direction

EURUSD

EURUSD was back above its 100 hour MA in up/down trading

The EURUSD is mired in another rangy trading day. The price action yesterday was up and back down. Today it was down and now back up. On Monday, the price action was up and down.

So the pattern is showing apprehension toward a directional move.

Technically, that manifested itself with a move back below the 100 and 200 hour moving averages (blue and green lines) in the Asian session, and then a rebound back above both those moving averages in the European morning session.

In the early North American session, the price dipped back below the 100 hour moving average (currently at 1.0516), but has rebounded back and currently trades at 1.0529 after reaching a North American session high of 1.05348. The Asian session high for the day reach 1.05383.. That high stalled ahead of swing highs from Monday between 1.05420 and 1.05454 (see red numbered circles).

Yesterday the price used that area as a bias defining level, when the price move back below the level after moving above, the buyers turned to sellers and used the level more as a ceiling. Getting above the ceiling is now the goal for the buyers if they are to take more control. A move above would have traders looking toward the 50% retracement at 1.0572

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