Breaking News
Investing Pro 0
💎 Access the Market Tools Trusted by Thousands of Investors Get Started

EUR/USD Likely to Close at Moving Average Soon

By Al BrooksCurrenciesJun 07, 2023 09:26AM ET
www.investing.com/analysis/eurusd-likely-to-close-at-moving-average-soon-200638822
EUR/USD Likely to Close at Moving Average Soon
By Al Brooks   |  Jun 07, 2023 09:26AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
 
EUR/USD
-0.09%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

EUR/USD-Daily Chart
EUR/USD-Daily Chart

  • The EUR/USD found buyers early this morning. The market will probably rally closer to the moving average (blue line) over the next few days.
  • The tight bear channel that began in early May has probably evolved into a trading range. Most traders do not want to sell too low if the market is in a trading range. This makes the moving average a good measurement of what is considered “too low.”
  • Since the moving average represents what is considered an average price or a fair price, this means that the bears selling here are selling below the fair price, a discounted price. Since a trading range is typically a neutral environment, the market will probably have to test closer to the moving average to attract more sellers.
  • The bulls know this and are buying, betting that the market will need to test closer to the moving average.
  • The bulls have done an excellent job getting the market to go sideways. Next, the bulls need to show further signs of strength. One way they could do that is to get consecutive trend bars closing on their highs, preferably above the moving average.
  • Until the bulls get further signs of strength, traders will assume any reversal up is likely minor.
EUR/USD Likely to Close at Moving Average Soon
 

Related Articles

EUR/USD Likely to Close at Moving Average Soon

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (6)
CEO Brandz Plus
CEO Brandz Plus Jun 08, 2023 10:23AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Al Brooks... As usual... deep market analysis insight and wise elaboration!
Adesina Balogun
Adesina Balogun Jun 08, 2023 9:28AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Awesome technical analysis.Thank you
ZABRON ERNEST
PipsMaker2023 Jun 07, 2023 5:33PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
very good analysis. thank you
Hasan Kamruzzaman
Hasan Kamruzzaman Jun 07, 2023 2:46PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
what the market is again down
Babamyrat B
Babamyrat B Jun 07, 2023 10:37AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Thank you
CEO Brandz Plus
CEO Brandz Plus Jun 07, 2023 10:27AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
excellent elaboration Al Brooks
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email