The EUR/USD currency pair has seen a notable shift in its short-term technical landscape, moving back beneath its 100-hour moving average during the U.S. trading session. This development places the pair once again between its 100-hour and 200-hour moving averages, a zone often watched by retail forex and CFD traders for potential shifts in market direction.
Earlier in the day, the 100-hour moving average, positioned around 1.14238, acted as a support level, prompting an upward move. However, this recovery proved short-lived, with the pair's advance halting at approximately 1.14414, failing to reach the higher Asian session peak of 1.14470. The subsequent breach below the 100-hour moving average has effectively dampened the immediate upward bias that had been observed.
For sellers to establish stronger control, their next objective would be to push the EUR/USD pair below the ascending 200-hour moving average, currently located near 1.14090. This particular average has provided a robust support foundation for the pair since last Thursday, notably holding firm ahead of a significant U.S. employment report and contributing to a rally that saw the pair reach 1.14720, its highest point since late June.
Recent Price Dynamics and Key Levels
- Thursday's Peak: The EUR/USD touched 1.14720, the highest since June 22.
- Friday's Resistance: A rebound on Friday was capped by the 38.2% Fibonacci retracement level of a prior decline, situated at 1.14618.
- Current Range: The pair is now trading between the 100-hour MA (approx. 1.14238) and the 200-hour MA (approx. 1.14090).
Since its peak on Thursday, the EUR/USD has experienced a gradual downward drift. The inability to sustain rallies above key resistance, such as the Fibonacci retracement level on Friday, has allowed sellers to reassert some influence. The immediate market attention is now focused on whether the current downward momentum can extend towards the 200-hour moving average, or if buyers will step in to reclaim the 100-hour average.
📰 Based on reporting from: ForexLive →