5 of 6 days down. Today trying to move higher
The EURUSD is stuttering higher today after being down 5 of the last 6 trading days (the only up day since March 21 was on Monday).
Looking at the hourly chart, the price in the early European session moved above the trend line but failed. The price moved to a new low since March 7 (low was 1.1175 for the month) at 1.1209, but stalled near a lower trend line (which failed on break yesterday). The price moved higher and back above the "old" topside trend line again and to a new high at 1.1246. It extended the range, but let's be honest, the move is not really running.
Of course we have the vote in the UK today which has implications for the pair as well (vote is at 1430 GMT). If it passes, the EURGBP should go down (with GBPUSD leading the way) but the EURUSD should not tank (the EURUSD could go up too but at a slower rate - at least that is what I would think). On a defeat, watch the trend lines (at 1.1220 and 1.1203 currently). A move below is more bearish and would look toward the March low at 1.1175 as the next target.
On the topside, the 100 hour MA at 1.12664 (blue line) and moving lower is the next more bullish step. Get above would look to 1.12843 (61.8% and highs from Wednesday). The swing low from March 14 stalled at 1.12936. The 200 hour MA is at 1.13098. All those are upside targets.
The pair is stuttering higher and risk event ahead, but buyers are trying.
PS an "up day" today would be a close above 1.1223. Sometimes it matters when trying to turn the trend around.
