Price trades back toward closing level from yesterday
The EURUSD made a play to extend above a key Bullish/Bearish «cult-like» line at 1.14315. The price moved to 1.14375 but backed off. The break was over within minutes and buyers threw in the towel.
The price has rotated back toward the closing level from yesterday at 1.1407. The low just reached 1.14095. We trade around the 1.1415 level. The 100 and 200 bar MA on the 5-minute chart is at 1.14105-14. The 50% of the day’s range is at 1.14142. The price is trading in a narrow 10 pip range, looking for the next shove.
It might be that we sit mid range and wait for the post election volatility. I would not be surprised.
If I were to define a more bullish and more bearish shift from the technicals on the next run:
- More bullish. Get and stay above 1.14315
- More bearish. Get and stay below the 100 and 200 hour MAs at 1.13796-867 (blue and green lines on the hourly chart above)
Those are my barometers for risk and bias for the pair through the election.