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Forex technical analysis: EURUSD looking to complete it's lap

Discussion in 'Technical Analysis' started by ForexLive, Oct 6, 2015.

  1. ForexLive

    ForexLive Forum Member

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    The EURUSD has nearly completed a lap with a move up and a reversal back lower. The move higher split the difference between the Sept 24 swing high at 1.1295 and the Sept 29 swing high at 1.1280. The high today at 1.1288.

    The move back down is not only back near the days lows (at 1.1206) but also near the 100 and 200 hour MAs at 1.1201 and 1.1206 respectively. The low before the end of day on Friday came in at 1.1199. The 61.8% of the move up from last week's low (and the range from last week) comes in at 1.12044. With the natural support from 1.1200, this area should find buyers, with stops below. There is just a lot of stuff in this area.

    If it does hold, the target to get and stay above would be the 50% of last weeks range at the 1.1226 level. That will be the closest test to see if the buyers can start to once again take back control. Failure to do that, and are they showing me anything? Nope.

    On a break of the 1.1200 area, the underside of that downward sloping trend line in the chart above comes in at 1.1184 and below that the 200 day MA at 1.1167 and 100 day MA at 1.1138.

    Overall, like the GBPUSD, the EURUSD is not showing a preference to the upside or the downside. If you were to split the range going back to September 21 (10 days), the midpoint would come in at 1.1211. That is where we are currently trading. There are hurdles above and hurdles below. There is lots of stuff at this area. Will it be the support level or will it turn from support to resistance?

    ISM non manufacturing data at 10 AM 57.5 vs. 59.0 Maybe it gives the pair the push it needs.

    Read full forex technical analysis here...
     

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