200 day moving average being tested for the 1st time since July 1
As the presser for Lagarde continues, and the market digests the weaker jobless claims and weaker PPI data, the EURUSD has moved higher and currently tests its 200 day moving average at 1.1152.
The price of the EURUSD has not traded above that moving average level since July 1, 2019. At that time, the price trade above its 200 day moving average for 7 consecutive days before breaking lower.
Prior to that period, the price of the euro had not traded above its 200 day moving average since May 2018 (yes 2018). That's 7 days over 19 months or so.
Key test for both buyers and the sellers and the bias for the pair going forward.
On a move lower, the 1.11100 to 1.1115 area is a swing area and home to the 38.2% of the move up from lasst week's low. A move back below that level, would tilt the shorter term bias more to the downside (if the price can stay below).
