The EUR/USD pair is on the rise once more, currently challenging the 200-hour moving average. Earlier today, we saw the price climb to this same moving average, where it met resistance from eager sellers. This led to a pullback, but interestingly, the decline halted just before reaching the 100-hour moving average at 1.0268. The lowest point the price touched was 1.0278 before it began its upward trajectory again.
Now, with the price nearing the 200-hour moving average again, a breakthrough could set traders’ sights on the swing zone between 1.0332 and 1.0343. However, if the price fails to break through and stays below the moving average, we might see another dip towards the 100-hour moving average. It’s at this point that traders will reassess their strategies.
Once again, we find ourselves at a crucial juncture with the 200-hour moving average acting as a battleground for buyers and sellers. Decisions made at this level could dictate the immediate direction of the pair.
