Technical Analysis

EURUSD makes it to June 12 high….and falls off.

June 7 high at 1.13469 and 200 day MA at 1.13508 still above..

The price of EURUSD just reached to the lower highest high for June at 1.13431. The high just reached 1.13432. The June 7 high at 1.13469 remains above and so is the KEY 200 day MA at 1.13508. (see earlier posts today here and here)

The price has already moved down to 1.1326 as buyers shifted to selling/profit taking against the level.  Is that it? Do we now have 4 swing tops in a narrow range at the June highs?  Was the high close enough to the 200 day MA (which has not been broken since May 2018?  Maybe.  I am not surprised sellers were waiting as risk could be defined and limited.  Traders take profit against such levels, and new positions are established at levels where risk can be defined and limited too.  

On the downside, watch the 1.13166 area.  It was the high from yesterday. Looking at the 5 minute chart below, it is also near the rising 100 bar MA on the 5 minute chart at 1.13154 level. A move below it would weaken the bias intraday and have more traders thinking that the high has been made (at least for now).

EURUSD will eye the 100 bar MA at 1.13154.

ForexLive

Articles You May Like

Elite Renko Trading Strategy | How To Trade Renko Charts Successfully
Will we see US 2-year yields at 1% by the end of next year?
US PPI final for June demand YoY 1.7% versus 1.6% estimate
AUDUSD moves to week highs and toward 100 day MA
NZ: REINZ house sales fell 0.8% in June – ANZ

Leave a Reply

Your email address will not be published. Required fields are marked *