Swings continue for the EURUSD trading pair
The EURUSD has continued the ups and downs seen over 6 or so trading days. Yesterday, the price moved down, up, down, and up again before settling near the highs for the day.
Today, the price action is more focused to the downside, but overall the price action this week is like yesterday - up and down. Today is a down day.
Looking at the hourly chart, the price today moved back below the 100 hour moving average at 1.22806 (blue line in the chart above). It continued the decline through the 200 hour moving average as well (green line). Admittedly, the price action has been choppy above and below that 200 hour moving average (currently at 1.2262) over the last 5 or so hours of trading. Buyers and sellers are battling around the moving average area.
What is true, however, is that the 100 hour MA, has found willing sellers against it. Stay below that MA, and the bears have more of the control.
On the downside, the next key target would be near Monday's swing lows around the 1.2241 level, and not far from that, the 50% retracement of the move up from the December 21 low. That level comes in at 1.22386. Move below each of those levels and the sellers have even more control.
The close risk level is now the 100 hour MA at 1.22806. The 1.2309 level is another resistance level for bears (although getting above the 100 hour MA would tilt bias more bullish in the up and down market). That level corresponded with the high price from last Wednesday, Thursday and again on Monday.
