EUR/USD Still Trading Between MAs
[[EUR/USD]] turned bullish in the last two weeks after being bearish for a long time. Although, during the bearish trend we have seen retraces higher and this bullish reversal of the previous two weeks looks like just another retrace before the main trend resumes.
It is in fact looking increasingly like the pullback might be coming to an end, because the climb has stopped for EUR/USD. This week we have seen this pair trade in a range, mostly between moving averages. The one at the top is the 200 SMA (purple) which has been acting as resistance.
This morning we saw EUR/USD reverse down below the 200 SMA earlier in the European session. At the bottom, this pair has been finding support at the 100 SMA (red) and yesterday the 50 SMA (yellow) took its place. So, EUR/USD is bouncing between moving averages. So, trading the range as long as it lasts is the way to go here.
Yesterday we went long from the 50 SMA on the H4 chart and booked profit pretty quickly as this pair bounced off the 50 SMA. Although,we missed the chance to sell today below the 200 SMA. But, we will follow the price action to see if we can get another trading opportunity. Although, if a Brexit deal is struck, then expect the Euro to surge higher for some time.
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