EURUSD tracks 100 bar MA today in trend day down.

gregmikefx

The EURUSD has been tracking the 100 bar MA on the 5 minute chart today and this level will be resistance this morning for the pair (blue line in the chart above).  As we all know, the EURUSD has been in a trading range that can turn on a dime, so watching the key technical levels for clues is important.

The 100 bar MA on the 5 minute chart currently comes in at the 1.4406 level.  The market tested the moving average during the London session, but reasserted the downward trend. The day gained downside momemtum on a break of the floor that held the bottom in place for most of the trading week at the 1.4458 level.  Once the level was broken in earnest today, the price fell sharply (see chart below).

On the bottomside, there is support at the 1.4367 level.  Just prior to the NY opening, the pair bounced off a double bottom at this level.  With the double bottom it now provides a profit taking point for shorts this morning.  Look for buyers against the level, but don’t be surprised to see sell on breaks of the new floor.   Additional support comes in at 1.4329 level this morning.


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