EURUSD corrects to near the 38.2% of the week's range, but falls back down

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EURUSD corrects to near the 38.2% of the week's range, but falls back down

EURUSD trade to the lowest level since January 2017   The EURUSD has moved sharply lower this week and in the process moved to the lowest level since January 11, 2017 (the price low that day reached 1.04533) the low price this week reached 1.04703 some 17 pips short of that target.   The high price was on Monday at 1.0813. That makes for a range for the week of 343 pips. That is one of the top three ranges this year (and going back to April 2020 as well). Drilling all the way down to the five minute chart, in prior posts this week I've commented on the inability to extend and stay above its 200 bar moving average (eurusd-reaches-a-swing-area-ahead-of-the-extreme-low-from-20162017-20220428/" target="_blank">see post from yesterday) despite attempts to move above. In trading today, the Asian session saw the price extend above the 100 and 200 bar moving averages, and then base against them before moving higher. The high price extended to 1.05922. That was about nine pips short of the 38.2% retracement of the weeks trading range at 1.06012, and also short of the 100 hour moving average (overlaid blue line currently also near the 38.2% retracement level). The price is not traded above its 100 hour moving average since April 22 when it was up at 1.08207. Since peaking today, the price has moved back down, and has moved back below the rising 100 bar moving average on the five minute chart at 1.05519, and also the rising 200 bar moving average 1.05299. The current price is trading right around that lower 200 bar moving average after reaching a low of 1.05088. When the price based against the 100 and 200 bar moving averages earlier today, it was near the 1.0507 area. The price returned all the way back to where the base started the run higher today.  It's Friday, anything can happen, but the price action is still disappointing for the dip buyers looking for more upside after the sharp sell off of late. Getting above the 100 and 200 bar moving averages on 5 minute chart still remains targets that need to be broken and stay broken. Getting above the falling 100 hour moving average is a another hurdle that would give the buyers some added comfort. Absent that, and the buyers are still not winning. The bounce is a "dead cat bounce".  The sellers are still more in control.  What today did, however, was it DID slow the one way market in the short term. The buyers did experience a 85 pip or so run after basing against the 100/200 bar moving averages. It certainly was the best correction all week, but it still couldn't get to the next targets (and the sellers returned instead).             EURUSD gives back most of the gains

Source: EURUSD corrects to near the 38.2% of the week's range, but falls back down

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