Forex technical analysis: EURUSD moves toward day low and MA support

5 July 2016, 19:27
Sherif Hasan

Lots of technical congestion ahead

Like a major artery where different roads come together, the EURUSD has one such area being approached. The 100 and 200 hour MAs at 1.1113-20 and the low for the day at 1.1119 come together. Just north of that intersection is a trend line connecting lows (at 1.1127). 

The low just reached 1.1123 and the price is already bounding to 1.1133 as I type. 

So there is some drivers- i.e. traders - who are using the congestion to turn around and go the other last on the first look.

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