EURUSD dips below the 50% retracement of the recent move higher

Jul 27, 2022
EURUSD dips below the 50% retracement of the recent move higher

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EURUSD going into FOMC with extra of a bearish bias

The EURUSD is buying and selling to a brand new low of 1.0102 because the clock ticks to Fed time at 2 PM.

The excessive within the London session in the present day stalled forward of the 200 hour MA (inexperienced line).

On Monday and yesterday’s highs, have been greater however stored a long way away from the 50% retracement of the transfer down from the June 27 excessive at 1.0283. The highs from final week additionally fell wanting that fifty% goal. The excessive might solely get to 1.0277. Patrons had their shot. They missed.

The value has now moved beneath the 50% of the transfer up from the July 14 low at 1.01144. Getting and staying beneath that stage will now be shut threat. After all the danger by the FOMC can blow by that stage on a greenback promoting commerce. However, the pre-meeting bias is to the draw back.

Now the transfer could be a mirrored image the EUR vs the view of the USD. The EU is seeking to prohibit vitality consumption going ahead as Russia places the squeeze on flows by the Nord Stream 1 pipeline. In the meantime the ECB has began their launch in charges which is predicted to proceed to the top of the 12 months. Are the hikes coming on the unsuitable time?

Serving to the draw back is a weaker EURGBP which has now damaged beneath the July 13 low and the low from yesterday. The value can also be beneath the 61.8% of the transfer up from the March low at 0.8400. The value low examined the low from Could 17 which is the following key goal to get to and thru.

The EURGBP has been down 4 straight days now. Furthermore, the break to a brand new low can also be wanting like a break of the neckline on the each day chart beneath.

EURGBP appears to interrupt the neckline of a head and shoulder

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