50% and 100 and 200 hour MAs in the 1.11868-932 area
The EURUSD is caught in an up and down trading range today.
The low comes in at 1.11906 and the high is at 1.1218. That is only 28 or so pips from the low to high. That is not a lot of movement. The market is non-trending.
The buyers and seller are battling it out, just above a cluster of support after the pairs run higher yesterday was stalled from comment from Fed’s Powell (“inflation is transitory”) and raced lower to support.
That support comes in against the 50% retracement of the move up from the April 26 low at 1.11868 and the 200 and 100 hour MA (green and blue lines) at 1.11932 and 1.11904 respectively. That yellow area between 1.11868 and 1.11932 has been support and remains a barometer for bulls and bears. Stay above is more bullish. Move below and sellers are likely to push lower with 1.1174 and 1.11685 the next targets (swing area and 61.8% retracement.
Until then however, the dip buyers are trying to keep control.