November 29, 2022

Forex Solution

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EURUSD moves down, up and back down to start the trading week

1 min read

Back below a swing area.

The EURUSD is mired in a down, up and back down trading range to start the trading week. The pair is now marginally lower vs the close from Friday.  The low to high trading range is only 43 pips today. That is short of the 67 pip average over the last 22 trading days (around the month of trading). There is room to roam on a break either higher or lower in the North American session.

Back below a swing area.

The move to the downside initially in the Asian session, stalled in a swing area between 1.21224 and 1.21288. The rise back higher extended above a swing area between 1.21485 and 1.21516, but stalled ahead of the highs from last week. 

The subsequent price move back below the swing area at 1.21485 and 1.21516 has tilted the bias back to the downside. That area will be barometer intraday for buyers and sellers. Stay below keeps the sellers more control. Move above and bias would look a little more positive.

On a move below 1.21224, the 100 hour moving average at 1.21140, and the 38.2% retracement of the May trading range at 1.21063 along with the rising 200 hour moving average 1.2100 (currently) would be eyed by the sellers.

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