Placeholder canvas
11.4 C
London
Thursday, February 22, 2024
HomeFinance NewsEURUSD fails to exceed 100 hour MA, leading to downward price rotation.

EURUSD fails to exceed 100 hour MA, leading to downward price rotation.

Date:

Related stories

Limited physical release of Xbox’s Pentiment for Switch with pre-orders opening soon.

Obsidian Entertainment's game Pentiment is now available on the...

Custom chip manufacturing deal between Microsoft and Intel.

Intel and Microsoft have entered into a partnership that...

Joe Biden’s dog Commander bites Secret Service agents at least 24 times.

President Joe Biden's dog, Commander, was involved in at...
spot_img

The EURUSD pair experienced a halt in its upward movement as it approached the 100-hour moving average (MA) and the 38.2% retracement level. Despite testing the MA twice, the pair failed to break above it, leading to a shift in momentum from buyers to sellers. As a result, the price fell below a previous support level and currently hovers around 1.0551. Although buyers had some control in the short term, their position weakened, and they now have more to prove in the medium term by surpassing several key levels, including the 100-hour MA, the 38.2% retracement level, and the 1.0606 – 1.0616 area.

In the late US morning, the EURUSD saw an upward movement until it reached the 100-hour MA and the 38.2% retracement level, indicating a potential trend reversal. However, the pair was unable to rise above the MA, resulting in sellers gaining traction and pushing the price lower. This downward pressure caused the price to drop below a recent support level at 1.05541. Currently, the market is experiencing a balance between buyers and sellers in the short term, as buyers’ ability to drive the price higher is limited.

Looking ahead, buyers need to overcome multiple hurdles to regain control. It is crucial for them to surpass and sustain levels such as the 100-hour MA, the 38.2% retracement level, and the region between 1.0606 and 1.0616. Achieving and maintaining these levels will demonstrate buyers’ strength and their ability to alter the medium-term trend. For now, sellers have gained an advantage, and the market remains uncertain as buyers’ potential is yet to be proven.

Source link

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

LEAVE A REPLY

Please enter your comment!
Please enter your name here