Still trades in the upper range
In the end of day wrap, I summarized the technicals into the day by saying:
"The EURUSD is going out right at the 100 hour MA at 1.24126. When you get up and down around the 100 bar MA, it says the market is not sure what it wants to do. If it falls and goes below the 1.23837 and then the 200 hour MA at 1.23615 (and moving higher), it could/should be more bearish. On the topside, the high today at 1.2474, stalled at the underside of an old trend line (on the daily chart). If buyers start to take this pair higher, that trend line will be eyed"
The Asia-Pacific session saw the price sideways around the 100 hour MA in a narrow trading range. Toward the end of the session, the price fell toward the 1.23837 level (see red circles in the chart above). The low reached 1.23842.
The price did not go below the 1.23837. In fact buyers stalled the fall against the support level. The rally started and picked up speed above the 100 hour MA.
On the topside, the "old trend line" comes in at 1.2476 today (see daily chart below). Last week, that trend line was broken twice, but since, then the line has been acting again as resistance. Get above and be could/should go higher.
The support for the day will be eyed at the 1.2424-32 area. The 100 and 200 bar MA on the 5-minute chart comes in 1.2424 and 1.24305. The 38.2% of the move up today comes in at 1.2432. Finally there was a ceiling around the 1.2428 in the Asian session.
