EURUSD strikes down towards triple backside in June and bounces. Sellers nonetheless in management.

The EURUSD moved greater earlier than the outcomes of the election began to trickle in. The worth moved as much as check the 100-day MA and the 38.2% of the transfer down from the September excessive.

The worth moved decrease as outcomes got here in, first breaking beneath the 200-day MA at 1.08687 after which the 100-bar MA on the Four-hour chart at 1.08403. That opened the door for extra promoting with the lows from the previous couple of weeks and swing space between 1.0760 to 1.07767. The promoting continued with the worth reaching a low of 1.0681 about 11-14 pips wanting triple lows from again in June.

The worth rebounded to 1.0739. That’s nonetheless brief fot eh swing space above between 1.0760 and 1.07767.

GOing ahead, I’d anticipate resistance in opposition to the aforementioned swing space with stops if the worth can transfer above 1.07767.

Absent that, and the sellers are extra in management with assist close to the 1.0670 bottoms. .

This text was written by Emma Wang at www.ubaidahsan.com.



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