December 1, 2022

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EURUSD dips back toward support targets

1 min read

Move higher could not keep the momentum going

The EURUSD moved up to test the swing high from Tuesday’s trading at 1.19522. Yesterday the price moved above that level but could not sustain momentum toward stronger resistance near the 38.2% retracement in 200 day moving average near 1.19885.  The run higher today moved to 1.19558, but could not muster the needed momentum to test the high from yesterday or the falling 200 hour moving average (currently at 1.19788).

Move higher could not keep the momentum going

Sellers into the London fix took the price lower and the pair is now back down testing a support swing area between 1.1917 and 1.19255.  It will take a move below that area (and then the 100 hour moving average at 1.19112) to tilt the bias more to the downside.  

Key test as the London/European session moves toward a close for the day.

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