Forex Trading: EUR/USD Consolidating In A Non-Trend Market

The EUR/USD has been consolidating in a non trend type market.   The close yesterday came in at 1.2815.  The high has been 1.2913, above the high from yesterday which came in at 1.2898 but the highs were rejected and the price declined to the lows for the day at 1.2801, just below the closing level on Friday at 1.2804.  This level found buyers.  The current price is splitting the difference - trading at the 1.2856 level currently.

The range for the day will represent the initial support and resistance levels. A move above the high at 1.2913 will be met by the 100 hour MA which is currently at the 1.2936 level.  The next level above that will target 1.3000 where the 200 hour MA is found.

On the downside, the 1.2800 area will be key. The low for the day, the close on Friday are at that level. A break will look to target the lows for the week at the 1.2705 level.

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