January 27, 2023

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EURUSD backs off after run toward 100 hour MA stalls

1 min read

Tests the lows from last week

The EURUSD raced higher in the US session after a push lower saw the price move below the 50% (at 1.17859), and test the lower swing area between 1.17657 to 1.17684.  

Tests the lows from last week

After moving back above the 50% level at 1.17859, the sellers turned to buyers and pushed the pair back through the lows from last week at 1.1800 to 1.18044. The high price stalled at 1.18164, just short of the falling 100 hour MA (currently at 1.18207). It will take a move above that MA to tilt the bias more to the upside.

The price has since moved down to retest the lows from last week around the 1.1800 area.  Can the buyers hold support now? If so, can they push through the 100 hour MA?  If not, a rotation back toward the 50% retracement is the path of least resistance. 

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