The Euro
versus the Dollar has retraced to the 200 day exponential moving average (blue
line), around the 1.1334 level from where it is trying to stall at the moment.
The bullish momentum is still in place in the pair and it is possible for the
200 EMA to act as support from where the price may bounce to the upside. If the
price bounces to the upside, then the high around the 1.1708 level may act as
resistance. But if the price breaks below the 200 EMA, then the pair may try to
go and visit the 55 EMA (purple line), around the 1.1126 level, which could act
as support.
Good point. I'll keep a close eye on it.
ReplyDeleteIt's moving to the downside but to reach 1.1126 it will have to break below the support at 1.1190 that is coinciding with the (89)MA on the four hour filter chart.
ReplyDeleteThanks for the informative analysis, will follow the development!
ReplyDeleteGood to know, thanks.
ReplyDeleteVery useful information.
ReplyDelete