EURUSD high today stalls at retracement level again

The EURUSD high for the day stalled at the 61.8% retracement of the 2023 trading range. The level came in at 1.0959. Last week the price did extend above that level but only by about 4 or 5 pips before rotating back to the downside. So for the 2nd time in less than one week, the 61.8% retracement has done a pretty good job of stalling the rally.

On the downside, the low today came in at 1.0925. That was near the high of a swing area. Below that and traders would start to look toward the 100 hour moving average 1.09149 and the 200-hour moving average at 1.09023. The price on November 13 fell below the 200-hour moving average but only for a few hours before bouncing back to the upside. On November 10, the price also dipped below the 200 hour moving average only to move back above it within the hourly bar. You would have to go back to November 1 for an extended time period where the price traded below the 200-hour MA. 

So moving below the 200 hour moving is currently at 1.09023 and staying that moving average is needed to increase the bearish bias. For a full technical look at the EURUSD, click on the video link above.

This article was written by Greg Michalowski at Source