Looks Like EUR/USD Buyers Are Giving Up at the 100 SMA - Forex News by FX Leaders
The H4 chart is pointing to further declines after the retrace higher

Looks Like EUR/USD Buyers Are Giving Up at the 100 SMA

Posted Tuesday, September 10, 2019 by
Skerdian Meta • 1 min read

Last week, EUR/USD turned quite bullish. This pair has been on a bearish trend for a really long time, but the USD went through a phase of weakness last week and the Euro benefited from it, climbing around 260 pips higher, moving above 1.10 again.

Although, the buyers ran into the 100 SMA (green) towards the end of last week where they found some really strong resistance. They pierced the 100 SMA briefly, but the price returned back below it, so it doesn’t count as a break. This pair retraced lower, but the 50 SMA (yellow) turned into support.

It held on the decline for several session and yesterday we saw another move higher. But, the 100 SMA resisted again. Buyers had another go at that moving average today but they failed again. So, it’s three failures to break the 100 SMA now, which means that the buyers might have given up now. The USD is still sort of weak, but once USD buyers return, the trend is going to shift to bearish again because EUR/USD buyers are not making any move now.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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