In the previous video (see below), we talked about EURUSD with a 200 hour moving average above and 38.2% below. Price needed to break above the 200 hour MA or break below the 38.2% retracement. Watch the video below.
US trading highs remained below the 200-hour moving average line, sustaining sellers (see green line in chart below). The price did indeed fall and fell below the 100 hour moving average (blue line). The price continued to fall, returning to 1.0867 at 38.2%, but has seen some stalling and recently extended to new lows, breaking below the retracement level in the process. Bearish.
EURUSD Holds Below 38.2% Retracement
The next target area will be the swing area between 1.08424 and 1.08485. Below that level, traders will start targeting the key 100-day moving average and the 50% midpoint retracement of the rise from the May 31 low. Both of these key levels are around his 1.0823. It is expected that this area will be difficult to crack at first glance.
Sellers are playing. The hope is that the momentum continues, the pair tests the 100-day moving average, and the 50% retracement also serves as a key downside target.
If this break fails, we cannot rule out the possibility of the 200-hour moving average falling back. But sellers are playing tricks. Sellers are in control. Buyers are under technological pressure.
