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.