November 30, 2022

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EURUSD trading up and down. Support holds the low for the week.

2 min read

Resistance stalls at the 100 hour moving average

The EURUSD is chopping up and down in a range of 40 pips that is short of the 22 a day average near 69 pips.   

Resistance stalls at the 100 hour moving average_

The low today stalled near the lows for the week. The low for the EURUSD was reach in the first hour of trading for the pair at 1.21718. Subsequent lows later in the day stall just above that level at 1.21738. The low price today reached 1.21745 and bounced as buyers leaned against the area.  

The run to the upside pushed up to test its 100 hour moving average (blue line) and also near the 50% midpoint of the range since last Fridays low at 1.22129.  The 100 hour moving average is moving lower and is currently at 1.2214.  

So supported the weeks lows.  Resistance at the 50% and 100 hour moving average (PS the 200 hour moving averages is at 1.22049).

The close from yesterday was near 1.2190 (bid side). That is where the current price is trading.  The close last week was near 1.2082.

The market bias is tilted to the downside with the price those levels and the door opens up for further downside the MAs and trading near the lows for the week.  The high for the week was reached on Tuesday at 1.22657.  

It would take a move back above the 200 and 100 hour MAs (and 50% midpoint) to tilt that bias back to the upside.  Absent that, the next downside target comes near the lows from last Friday at 1.21601. That was also near the low from last Wednesday at 1.21590 (PS the 50% midpoint of the move up from the May 13 low comes in at 1.21582. So that area between 1.2158 and 1.2160 is a key barometer for both buyers and sellers going forward.

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