EURUSD declined and is testing its 100-day moving average of 1.06421. A move below this level would tip the scales even further in favor of sellers. Earlier today, buyers attempted to extend higher, but were unable to reach the next target near 1.0694, nor the 38.2% retracement of the decline from the high last week to this week’s low (1.0709).
Looking at USDCHF, it is also extending to test its 100 hour MA (blue line on chart below). This moving average is surely at 0.91199. A move above this level and holding above it is necessary to increase its bullish bias.
USDJPY is also extending to new highs and heading towards the highs from earlier this week between 154.69 and 154.78.
NZDUSD price breaks below its 100 hour MA and hits a new low for the day. The 100 hour MA comes in at 0.5912. Staying below is more bearish… The next target is at 0.5892. Yesterday’s and the week’s low stood at 0.58569. This is the lowest level since November 15, 2023.
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