Forex technical analysis: EURUSD trades to weeks midpoint and stalls

Technical Analysis

Author: Greg Michalowski | eurusd

200 bar MA on the 4-hour chart

The EURUSD traded to a high of 1.0737 today.  That represented the 50% of the move down from the March high.  On Wednesday, that level held.  Yesterday, the 61.8% of retracement held at 1.07777 (a couple times actually).   Today, the 50% is back to being the ceiling.  It worked for seller.  


Drilling to the action this week on the hourly chart below, the fall today, reached the 200 bar MA on the 4-hour chart AND the 50% of the move up from the Monday low at 1.0601. That level comes in at 1.0689.  So from a different direction, a Fibonacci retracement holds support.  


Of course this pair carries a lot of weekend risk as a result of the French election and aftermath of it.  So I expect traders to trade levels they can lean against.  Good resistance at the 50% above. Good support at the 50% (from a different angle) below.  

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