- The price falls below the 50% midpoint of the corrective move higher
There are two 50% midpoints in play in the EURUSD . One comes in above at the 50% of the move down from the June 27 high. That level came in at 1.02829. The high price last week reached 1.02773.
The 2nd is of the move up from the July 14 low to the high reached last week. That level comes in at 1.01144. That level held earlier today, but is being broken in the current hourly bar.
The earlier move to the downside today was helped by breaking the 100 hour MA at 1.0204 currently (blue line) and the 200 hour MA at 1.01641. The swing highs intraday after breaking the 200 hour MA stalled at the 38.2% of the recent move higher. Bearish.
For sellers looking for lower levels, if the 200 hour MA keeps a lid on the pair, the sellers would stay in play (and have an advantage).
Sellers will be looking for more downside momentum now with the 61.8% at 1.0076 as the next target. That level corresponds closely to the swing low from July 8 and swing high from July12. The price based on July 15 and July 18th ahead of the area.as well.
Trading analysis offered by RobotFX and Flex EA.
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