EUR/USD falls lower, eyes a test of near-term support levels
EUR/USD falls as the dollar picks up a bit of traction ahead of the US opening
The pair tried a test to the upside earlier in the day as mentioned
here, but once again failed to break the 100-hour MA (red line) – similar to overnight trading.
here, but once again failed to break the 100-hour MA (red line) – similar to overnight trading.
And the drop now sees the pair looking to retest the bottom side of the “ping pong” range – which is the 200-hour MA (blue line). That was an area which stalled yesterday’s fall, so it will be a key support level to watch for in the near-term.
The level also coincides with the 50.0 retracement level at 1.2306 on the hourly chart, so that’s a level of interest for buyers since there is a confluence of support levels.
As for the macro picture, I talked about that more
here.
here.
Leave a Reply
Want to join the discussion?Feel free to contribute!