October 10, 2024 at 03:49PM
The EURUSD moved lower and higher after the US data today, but the run to the upside ran out of steam near a key swing area between 1.09419 and 1.0949. The inability to get above that area started the move back to the downside. Getting below the 100-day moving average turned the buyers into sellers.
The price has since moved down to the high of a swing area target between 1.0900 and 1.09126. The low price just reached 1.09129.
If the price can get below the 1.0900 level, traders would look toward the 200-day moving average at 1.08736.
Conversely, we could see buyers in this swing area (once again), in which case, the 100-day moving average of 1.0933 becomes the key resistance level.
The ups and downs has traders feeling betrayed on the downside and the topside. The 100 day moving average seems to be the barometer in the middle of resistance near 1.0949 in support near 1.0900. Right now the sellers are more in control.
This article was written by Greg Michalowski at www.forexlive.com.
