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Sunday, August 1, 2021

EURUSD trades back in swing area/61.8% retracement

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Swing area between 1.1910 and 1.1926

The EURUSD is back in the swing area between 1.1910 to 1.1926. The 61.8% of the range since the end of March low comes in at 1.19183. The area is a close risk area for the pair. The low price extended to 1.1890 (bid side).  

Swing area between 1.1910 and 1.1926

Looking at the 100 bar MA on the 5-minute chart below, the 100 bar MA remains an intraday barometer for buyers and sellers. A move above should lead to more upside corrective probing. It currently comes in at 1.19255 which is near the high of the swing area from the chart above.  

A move above the 100 bar MA is step one for buyers taking back more control. The 2nd step would be to get above the 200 bar MA (green line) at 1.19528 (and moving lower). 

The EURUSD on the 5 minute chart

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