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EURUSD 100 hour moving average at 1.22825
The EURUSD has moved higher (lower USD) after the we can expected US jobs reports. The price range since the release has seen the price bottom at 1.22335.
The high price (and new high for the day) reached 1.22841. That is just above its 100 hour moving average at 1.22827 (see blue line in the chart above). Sellers lined up near the MA level and the current price is trading around 1.2271. The 200 hour moving average currently trades at 1.22689. A move back below that MA would give more of a negative tilt technically (although the market is still digesting the numbers ahead of the stock open at 9:30 AM ET).
Earlier today, the traders did lean against that 200 hour moving average before pushing the price through the 50% retracement at 1.22386 and down to test its 61.8% retracement (move up from December 21) at 1.22127. Support held against the 61.8% retracement and the price rebound began.
The 50% level remains a downside support target area. Recall from Monday’s trade, the price action stalled near that level at 1.2241.
For the trading week, the low was reached today at 1.22124. The high was reached on Wednesday at 1.23488. There has been plenty of up and down price swings during the week and within trading days as well with Wednesday’s trade being particularly up and down volatile.