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EURUSD has dipped back to retest its 100 hour moving average and 38.2% of the 2022 trading range. That level comes in at 1.13516. The pair is trading just above that level as I type.
Recall from yesterday, the price in the New York session traded mostly between its 100 hour moving average on the downside and its 200 hour moving average on the topside (green line).
That pattern continue today with the high price reaching 1.13764 just below the 200 hour moving averages (currently at 1.1379).
The price did take a small peak below its 100 hour moving average on the downside, but quickly rebounded. At some point, there will be a break one way or the other and a run in the direction of the break.
On the downside the 1.1319 to 1.1329 area would be the next target followed by the 50% of the 2022 trading range at 1.13075.
The EURUSD has held up remarkably well despite the tensions in Ukraine. The German Foreign Minister said earlier that all
options on the table including Nordstrom 2 regarding potential sanctions against Russia. He added that Germany is ready to pay a high economic price for unprecedented sanctions on Russia. That is not good news for the EURUSD (all things being equal).