The EUR/USD started the US session near the 38.2% compared to yesterday of the decline from the November high, at 1.05628. After an initial upward turn, the pair climbed towards the swing area between 1.05926 and 1.06097rising at 1.05937 before sellers regained control. Resistance was strong, and the price has since recovered.
The focus now shifts back to the to 38.2%. at 1.05628 as a primary level of support. A breach below this level would result in the 100- and 200-hour moving averagesboth close 1.0543to play Another recession could be headed his way 100-bar moving average on the 4-hour schedule, which sits at 1.0531.
If these levels are broken, it could open the door for further downward movement and further exploration lower.
For now, buyers and sellers are respecting key support and resistance levels, setting the stage for potential breakout moves. Until then, trading within these levels remains the focus.
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The technical cheat sheet for the EURUSD
EUR/USD Technical Analysis
Market summary
The EUR/USD pair started the US session near the 38.2% decline from the November high. After an initial reversal to the upside, the pair peaked at 1.05937 before sellers regained control, causing the price to bounce back.
Key technical standards
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38.2% back: 1.05628
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Swing area resistance: 1.05926-1.06097
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MA 100-hour: 1.0543
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200-hour MA: 1.0543
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MA 100-bar (4-hour chart): 1.0531
Market Awareness
Trading Outcomes
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Buyers: Need to hold prices above the 38.2% level and target a break above the swing area resistance.
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Vendors: We will try to protect the swing area resistance and push prices below the 38.2% level to gain control.
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