February 1, 2023

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EURUSD moves lower in trading today and is now down on the week

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Back below the 100 hour MA

The EURUSD has moved lower in trading today and is now down on the week. Last Friday, the price closed at 1.2095. The price is currently trading at 1.2089.  The low for the week was on Wednesday at 1.20555. The high for the week was on Thursday at 1.21494.  

Back below the 100 hour MA

Looking at the hourly chart above, the price action today moved back below the 100 hour MA at 1.20955 (which happens to be the closing level from last Friday).  The 1.2088 to 1.20914 area was a swing area from Monday to Wednesday.  Intraday traders will be eyeing the 100 hour MA for clues now. Stay below is more bearish.  

On the downside, the 200 hour MA at 1.2071 is joined by the 50% retracement of the move up from the April 22 low, increasing that levels importance.  Move below that, and the 100 day MA will be eyed near 1.2053.  That 100 day MA is another level of importance. It held support on Tuesday and again on Wednesday before moving higher.  So the downside levels are pretty clear.  

Move the 100 hour MA and we should see a run toward the Monday high at 1.21164. We will see from there. 

For now, sellers are pulling more control on the last day of the month and week.  Speaking of which, because of that dynamic, there could be some flows that come out of nowhere. So be aware.  

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