EURUSD falls to support area on dollar buying. Bounces.
Better news out of US/China is negative for the EURUSD.
The headlines on US/China phone chats has sent stocks soaring and the EURUSD lower. The general reaction is if US/China get better, that is worse for the EU who stood to potentially benefit from continued trade war (or so it seemed).
Technically, the failed break of the 100 day MA (see earllier post here) and the subseqent move below the 100 hour MA at 1.12028 on the news, pushed buyers to sellers. However, there has been a limit.
The 200 hour MA at 1.1173 and a swing area/38.2% retracement at 1.1162-67 has helped to stall the fall. The price has rebounded to as high at 1.1194 so far (low for the day reached 1.11693)
Volatile trading conditions. I would peg the 100 hour MA at 1.12025 area as a topside resistance now. The 200 hour MA at 1.11736 and swing area (at 1.1162-67) below remains key support.
Source: https://www.forexlive.com/technical-ana ... g-20190813
Download over 500+ Forex & Trading books from Forex-Station's (member's only) Trader's Library.