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EURUSD on track to close below the 200-week moving average.  What does it mean to enter the new trading week?

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EURUSD on track to close below the 200-week moving average. What does it mean to enter the new trading week?

| Today Headlines | Fox News


First close below MA since July 2020.

With the EURUSD trading at 1.1554, the pair is on track to close the week below the 200-week MA. That MA stands at 1.16657.

Three weeks ago, the pair closed just above the MA level. Since then, the closing price for the week has been comfortably above the level of the moving average. However, it is noteworthy that the intraweek price has traded above and below the level of the moving average during the last five trading weeks. A close below the moving average would be a negative and more bearish bias.

On the downside, the price is low and 2021 has reached 1.15236. Not far below that level is the midpoint of the 50% range from the March 2020 low. That midpoint is at 1.14918. Going back to 2018, 2019 and 2020, there were a series of swing highs (see red numbered circles) that stalled within the swing area between 1.1491 and 1.15236. In effect, price action has been split since 2019 between being below the swing area and being above the swing area.

As a result, next week’s trading will focus on that area. Will buyers continue to hold support and push the price higher, or will sellers take more control and start trading the EURUSD below the swing area and midpoint?

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cnbctv18-forexlive-benzinga -Sp

EURUSD on track to close below the 200-week moving average. What does it mean to enter the new trading week?

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