The EURUSD ended this week on Monday after falling below 61.8% of the move up from the 2022 low to the 2023 high at 1.0200. That break could not be sustained. The seller got their shot. They lost.
The subsequent move higher saw the pair peak near the 38.2% retracement from the December high to the January low. That level came in at 1.03494. The high reached 1.0353 and failed. Like the break at the bottom, the customers had the vision. They lost.
In the last two days the pair was moving up and down in volatile trading. However, in the run to the upside, sellers continued to face the lows of a swing range between 1.0332 to 1.0343. Sellers have pushed the price to the 100 and 200 times MAs near 1.0284.
What now? How about next week?
The 100 and 200 hour MAs serve as the short-term barometer for traders. A move below and away is more bearish. Lows from the week at 1.0259. 1.02378, 1.0222, 1.0200 (61.8% of the daily chart) and 1.0176 (low for the week) are lower targets.
On the other hand, if the price moves above the MA, the swing zone at 1.0332 to 1.0343 closely with the 38.2% of the zone from the December high at 1.0349 must be broken to confirm that the buyers are serious about top side Without that, and the price may have corrected higher, but the customers do not win. The dealers are still playing or in full control.
