- The EURUSD is testing the 200 bar MA and the 2 day low to high trading range after failing on the move above the 100 day MA at the 1.3137 level (see chart below).
- A move below the 1.3105 area should solicit additional selling pressure for the pair.
- However, the non trending nature of this weeks trading (really over the last 5 days – 131 pips), has traders happy with smaller moves.
- So just like failures above, failures occur below. I will be targeting 1.3093 (61.8%) on a break of 1.3105, then 1.3081 which is the close from yesterday.
- Below that the low for the day at 1.3065
A failure on a break lower will look to retest the 100 bar MA (blue line in the 5 minute chart) at the 1.3126.
