December 27, 2024 at 04:05PM
The EURUSD moved higher in the early European market and in doing so, extended above the falling 200-hour MA (green line currently at 1.04286). The high price reached 1.04433 which was short of the highs from earlier this week and the high from last Friday near 1.0448. Those highs stalled ahead of a swing area between 1.0448 and 1.0461 (see red numbered circles on the chart above).
The rise above the 200-hour MA could not be sustained with the last few hours seeing the pair move lower. That move lower (higher USD) comes despite US yields rotating off the highs. THe rising 100 hour MA comes in at 1.04089 and the 50% of the trading range since the 2022 low at 1.04053 is now support. A move below that level would be needed to increase the bearish bias.
On the topside, the 200 hour MA is now a close barometer again. Moving and staying above gives the buyers more hope again at least in the short term. HOwever, the 1.0448 to 1.0461 is a more influential target that needs to be broken to give the sellers some added cause for pause.
This article was written by Greg Michalowski at www.forexlive.com.
