December 3, 2022

Forex Solution

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EURUSD wanders lower and away from MAs

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Keeps the bearish bias, and tests lower swing area

The EURUSD has wandered lower in trading today and in the process has been able to spend the day below the 100 hour MA and also (for the most part) the lower 200 hour MA (green line).  

Keeps the bearish bias, and tests lower swing area

The move to the downside is currently testing a lower swing area target between 1.18803 to 1.18906.  That area is defined by swing lows and highs going back to June 17 (see red numbered circles).  

A move below that area would have traders looking toward the lows from June 18 and June 21. There were four separate swing lows between 1.18452 and 1.1850.

If buyers lean against the swing area and push the price back higher, getting and staying above the 200 and 100 hour moving averages are the obvious bullish steps. The 200 hour moving average currently comes in at 1.1919 (and moving lower).  The 100 hour moving outcomes at 1.19308.  

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