EURUSD “pongs” back to the 200 hour MA

After pings at the 100 hour MA

The ping -pong of the EURUSD has pushed the price from a ping at the 100 hour MA (blue line) to the pong at the 200 hour MA (see earlier post here laying the groundwork for the ping pong). 
After pings at the 100 hour MA 

Yesterday, the price moved above the 200 hour MA for the first time since February 26, and after trying to hold support in the Asian session today, broken back below the level. 

The run to the downside stalled at the 100 hour moving average. After correcting to the 38.2% retracement at 1.19411, there was a another test of the 100 hour moving average.  

Holding support against that level for the second time today, helped to turn sellers and the buyers and move back to the 200 hour MA. 

The move above the 200 hour moving average would tilt a bias more to the upside and have traders looking toward the 50% retracement of the move down in March at 1.19739.  

The price action is ping ponging but traders looking for the break outside of the MA limits.  

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By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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