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Forex technical analysis: EURUSD staying above 100 hour MA

Looks toward 100 day MA at 1.0933

The EURUSD has been able to hold the 100 hour MA at the 1.08868 level on a corrective move after the US data. The pair moved above the MA as NY traders entered for the day - extending which was once again, a dismal trading range from 35 pips to 57 pips currently. The correction low came in at 1.0891.

Longs are in control as long as the price stays above the 100 hour MA. The next target comes in at the 100 day MA at the 1.09338 level. New highs being printed as I type.

Looking at the daily chart below, the EURUSD fell below the trend line and the 100 day MA last Friday and extended to the top of a 52 pip swatch that has a number of swing levels going back to May 2015. Over that period, the pair has remained - most of the time - in a 700 or so pip range (between the yellow lines). There have been extensions to the topside and to the downside, but most trading is between those goal posts. Most of December and January was between 1.0775 and 1.1000 to 1.1050. The 100 day MA is near the middle of that range.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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