December 13, 2024 at 08:56PM
The EURUSD is ending the week lower after an up-and-down path to the downside. The move to the downside fell below a cluster of MAs with the 200 hour MA being the one that has put a lid on the pair on Tuesday, Wednesday, Thursday and again on Friday. That ceiling increases the 200 hour MA level’s importance. The level comes in at 1.05258. In early trading next week, stay below keeps the sellers more in control. Move above and the 38.2% of the November range at 1.05628 and swing area at 1.05926 to 1.0611 becomes the next key target.
If the price stays below the MAs (below 1.05258, the downside target is a swing area between 1.0448 to 1.0461. Move below that level and the swing low from November 26 at 1.0424 would be targeted, folllowed by the low from November at 1.0332.
This article was written by Greg Michalowski at www.forexlive.com.
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