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EURUSD stays mid range and looking for a shove

Started by forex4you, Sep 04, 2022, 11:30 am

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EURUSD stays mid range and looking for a shove

<p>The EURUSD him him him him pushed outside of the up and down trading range that has confined the pair since August 19. That trading range has a floor between 0.9899 and 0.9913, and a ceiling around the 38.2% retracement of the move down from the August high at 1.00782.</p><p>Between those extremes sits the 100 and 200 hour moving averages. The 100 hour moving averages at 1.0003. The 200 hour moving averages below at 0.99838. The current price trades between those levels at 0.99942.</p><p>Those moving averages will eventually lead to a bias shift either to the upside or downside. Admittedly, the price has been trading above and below them over the last 6 or 7 hours as traders didn't get the shove from the employment report. The high price did reach into a another swing area between 1.00221 and 1.00328, but found sellers.</p><p>It is what it is. </p><p>The market seems to be content with the status quo. The parity level is still a key level and the price action above and below it since August 19 suggests a comfort around the level at least for now.</p>

This article was written by Greg Michalowski at www.forexlive.com.

Source: EURUSD stays mid range and looking for a shove

forexlive.com
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