100 hour MA sniffed but finds buyers
The EURUSD has seen up and down trading today.
The Asian session initially moved the price back higher and above the October 4 high of 1.1640. That momentum faded and after breaking back below the aforementioned the level, the price quickly moved down toward its 100 hour moving average at 1.16138.
The low price reached 1.1616 a a few pips above the 100 hour moving average, and stalled. Ultimately if the sellers are to take more control, getting below the 100 hour moving average would be a technical bias clue (a swing area between 1.1607 and 1.16127 is also near that moving average level currently).
The price is now bouncing and has just moved back above the 1.1640 level as the ups and downs continue.
The price is also back to being higher on the day with the high for the day at 1.16516 as the next target. Above that, and traders will start to look toward the 38.2% retracement of the move down from the September high to the October 12 low. That level comes in at 1.16705.
Yesterday the price got within a few pips of that level but backed off. If the buyers are to take more control from the trend sellers from the September high, getting above that retracement level is the minimum requirement. Absent that, and there will be still be some doubt about the buyers ability to push the pair higher/the USD lower.
Having said that, with the 100 hour MA stalling the fall, the best way to characterize the market is a battle between the buyers and sellers with technical support and technical resistance holding the lines.
