EURUSD moves back to the 100 hour MA after the push against the 200 hour MA stalled.

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EURUSD moves back to the 100 hour MA after the push against the 200 hour MA stalled.

The EURUSD moved higher in the early US session and tested its 200-hour moving average currently at 1.08342. Although the price ticked above the MA line on a few hourly bars, the momentum stalled.

The buyers turned to sellers, and the price has moved back to the 100-hour MA (blue line) at the 1.08056. The price is currently banging against the level, but so far finding support buyers.

The two moving averages are the bias-defining levels in the short term.  Yesterday the price moved above the 100 hour moving average for the first time since September 30 and increased the bullish bias. .

Today, the 200 hour MA has been broken by a pip or two increasing the bullish bias, but momentum quickly faded. The price has not closed above the 200-hour MA since September 30.  .

So the sellers fended off the upside try by the buyers.  Can those sellers now keep the pressure on with a break back below the 100-hour MA?

A move below would have traders looking toward 1.0776.  Below, that and the door opens to the low for the week at 1.0761, followed by a swing area between 1.0710 and 1.07346.

                This article was written by Greg Michalowski at www.forexlive.com.

Source: EURUSD moves back to the 100 hour MA after the push against the 200 hour MA stalled.

forexlive.com