EUR/USD day by day chart
There’s a mild extension to the slim vary at this time with the pair now clipping 1.0950. That being stated, it’s nonetheless preserving inside a ~23 pips vary just for the day. There are some giant choice expiries as effectively at 1.0930 and 1.0950 that ought to seemingly maintain worth motion locked, earlier than we get to US buying and selling.
With that in thoughts, what’s the chart telling us within the greater image?
I outlined some key basic developments within the pair yesterday right here. And issues have not modified in anyway on the technical facet as effectively.
EUR/USD continues to be pinned down close to the 100-day transferring common (purple line) and that’s the key assist degree in play at present. The extent is seen at 1.0934 in the mean time.
Maintain above that and patrons are nonetheless hanging on to a small probability of a rebound. They must reverse sentiment within the near-term chart to persuade of something stronger. In that lieu, the 100-hour transferring common is seen at 1.0957 and 200-hour transferring common at 1.1000. So, there’s some work to be performed.
In any other case, the draw back strain continues to stick with the momentum siding with sellers. However they’ve some key ranges to chew by themselves now because the week winds down.
The 100-day transferring common above is one earlier than the 50.0 Fib retracement degree of the swing larger since April, seen at 1.0907.
With the greenback having made a comeback within the final two weeks, it turns buying and selling sentiment in direction of one key query now. Which economic system will fare higher within the subsequent three to 4 months; the US or the Eurozone?
The reply to that’s prone to gasoline the following key directional transfer in EUR/USD, guided by the technicals.
