Tue. Jul 5th, 2022

Fxtriangle | Market analysis | Managed trading

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After withdrawal of dollar in trading yesterday, EUR/USD adjusts

1 min read
The turnaround in the dollar yesterday just adds more indecisiveness to the trading picture on the week, as we go back to levels seen on Monday currently.
But more importantly, price action has shifted back under 1.1900 and also below the 100-hour MA (red line) at 1.1877. However, price is still holding above the 200-hour MA (blue line) at 1.1828 with the 50.0 retracement level at 1.1838 holding up for now.
That is keeping the near-term bias more neutral as the turnaround in the dollar yesterday now turns into a battle of whether or not there might be more ahead of the weekend.
Looking to the upside, the 1.1900 level will also offer some added resistance beyond the 100-hour MA but also the resistance region around 1.1950-66.

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