Technical Analysis

EURUSD traders will eye 200 hour MA for support in the early trading

Can it stay above above the broken MA?

The EURUSD rallied strongly in trading yesterday. 

The move 

  • based on Wednesday at the low from August and 2018 at 1.1301. 
  • Extended above a downward sloping trend line
  • Moved above the 100 hour MA  (blue line now at 1.13658), and 
  • The 200 hour MA (green line) at 1.13928

The 200 hour MA break saw the price close above the MA for the first time since October 22. That MA is close support into the new trading day.

On the topside, the high on Thursday stalled at the 38.2% of the move down from the October 16 high at 1.1423.  The high reached 1.14237.  Also above is the 1.1431 level. That was a swing low on October 9th (not shown), and October 19th. It was a high on October 25th after the level was broken on October 24th.

If the bull run is to continue, getting and staying above that area (1.1423-315) will be eyed.  

ForexLive

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