Up and down week for the EURUSD as it lets the GBP do most of the pivoting
The EURUSD has been pivoting for most of the week in an up and down price action confined to about 100 pips. Most of the price action has been in the GBPUSD pair as the Brexit situation unfolds.
Technically, the high stalled in the 1.2158 to 1.21654 area with highs from Monday, Thursday and today stalling in that area.
The low was on Wednesday after the pair cut below the low from Monday at 1.20788 and the 38.2% near the same level. The break was able to get below the 200 hour moving average for the 1st time since November 24 (see green line) but could not sustain momentum. Yesterday, that 200 hour MA was briefly broken as well, but once again momentum could not be sustained.
Today, the lows have been able to find support just ahead of that 200 hour moving average at 1.21085 currently. The 100 hour moving average is near the level as well at 1.2115. If the price can stay above, the up and down tilt is to the upside. A break below, and the dip buyers seen over the last 7 hours are likely to give up and look to probe to the downside (trend line at 1.20948 would be the next target followed by the Monday low (and 38.2%) at 1.20788. Him
