Market remains in up and down range (with recent bias lower)
Let’s face it, the EURUSD has been trading up and then trading down this month. Intraday, there have been a lot of ups and down too Today is no exception. Trader’s have to accept it.
From a technical view, the price yesterday fell below the 100 and 200 hour MAs (blue and green lines in the chart above), and also the 50% retracement of the October range at 1.15263. That’s bearish.
Today, the price action moved first toward the October 10th lows near 1.14802, stalled and bounced. The move higher reached the 50% retracement at 1.15263, and stalled. Bearish.
We are now heading back toward the lows for the day with the price reaching 1.14889 so far.
Overall, the bias is bearish. The price remains below the MAs and the 50%. We are also below the 61.8% level at 1.1504. The target for sellers is to get below the 1.1480 and make a run toward the other lows for the month at 1.1459-62 and then 1.14319.
The 1.1480 could also be a level for buyers to come back in as well and push the price higher.
You have to be prepared for anything when the market is in the up and down mood. ForexLive