EURUSD Opens New Trading Week with Slight Short-Term Negative Bias Below Key Moving Averages
The EURUSD pair kicks off the new trading week with a minor downward inclination in the short term. Currently, the pair is trading below the 100-hour and 200-hour moving averages, depicted as the blue and green lines respectively on the chart. Notably, during Thursday and Friday's sessions, the price briefly surpassed the 200-hour moving averages during corrective moves but faced swift rejections. Therefore, a crucial factor for enhancing today's and future bullish bias is reclaiming and maintaining a position above these moving averages.
Supporting the buyers' position is the fact that the declines witnessed during the early European session found supportive buyers before reaching the 38.2% retracement level at 1.08673. The day's lowest point reached 1.08695. Furthermore, the price has also moved back above the designated value area swing area, ranging between 1.0866 and 1.0896.
Regards
Chris
Head Trader
www.thetradingmentors.com
Comments