EURUSD Technicals: EURUSD retraces again to the 50% midpoint

The EURUSD has slipped to a brand new session low, pulling again towards the 50% retracement of the transfer down from the July 1 excessive, which is available in at 1.16098. This degree sits on the decrease finish of a key swing space that extends as much as 1.1631. The pair is at present buying and selling between these two ranges, round 1.16219, as merchants weigh the subsequent directional transfer.

Consumers ought to lean towards the 50% retracement on the primary look. If that’s the case search for them to push the worth again above 1.1631,, and that may open the door for a rebound towards the 61.eight% retracement degree at 1.16615, reinforcing bullish momentum within the quick time period.

A break beneath the 50% degree I’d anticipate disappointment from the patrons and a shift of the main target towards the rising 100-hour transferring common, at present at 1.1589. Additional draw back momentum may convey the 200-hour transferring common at 1.15487 again into play—significantly related for the reason that pair primarily based close to that degree yesterday earlier than launching its most up-to-date rally.

This text was written by Emma Wang at investinglive.com.