November 26, 2022

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EURUSD moved back down to test swing area support

1 min read

Earlier test of the 100 hour MA held and sellers pushed lower

The EURUSD moved higher in the Asian and early European session and in the process moved up to test its falling 100 hour moving average (blue line currently at 1.21457). The price rise stalled against that moving average line, and buyers turned sellers. The last five or so hours has seen a steady decline.

Earlier test of the 100 hour MA held and sellers pushed lower

However, the price has also moved into a swing area between 1.20994 and 1.2006. The low price reached 1.21007 (the 1.2100 natural level is also in that swing area).  Yesterday (and also on Friday), the price fell below that swing area, but could only get to 1.20919 on Friday and 1.20937 yesterday.    

The current price is trading at 1.2109, back above the key swing area. Buyers are leaning.  

On a move below, I would expect more selling however as the buyers had their shot to get back above the 100 hour moving average, and they failed. Shorts would get concerned if the price starts to move back into positive territory on the day. The close came in at around 1.2119.

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