Little changed on the day
The EURUSD has had a down and up the trading session today. The initial move was to the downside through the Asian session and into the London morning session. The last few hours have seen the price rebound and take out the high price from yesterday's trade, but stalling ahead of the high prices from last week on the hourly chart.
The pair is currently trading back below the close from yesterday by about 9-10 pips at 1.2232.
Technically, the 100 hour MA is below the current price at 1.2223. Admittedly, the market has trade above and below the 100 hour moving average without much regard to its importance. Yesterday after a few hours of trading above and below the MA in the NY session, the price bottomed near the MA level, and raced to new session highs. As the pair retraced back toward that MA, traders may look to lean on the dip with stops below, but be aware that year end liquidity issues may not find the normal reaction. That can lead to price action like we are seeing today. Be aware.
