Modest range with buyers and sellers battling.
The EURUSD is mired in another up and down trading ranged today after a non-trending day yesterday.
Looking at the hourly chart above, the buyers tried to push the price higher, breaking above the 100 hour moving average in the process at 1.21287 currently (blue line). The high extended up toward a topside trend line on the hourly at 1.21484 (see blue numbered circles). The high price reached 1.21467 and backed off. The price over the last 5 hours has traded below its 100 hour moving average. Stay below keeps the intraday sellers more control.
On the downside, a swing area between 1.20948 and 1.2100 is providing a floor. Move below and the range between 1.20708 (200 hour moving average) and 1.20788 (38.2% retracement) will be another key barometer for bullish/bearish bias. Stay above is more bullish. Move below is more bearish.
The battle lines have been drawn.
For now, the higher support area (down to 1.20948), and the resistance against the 100 hour moving average at 1.21287 are the battle lines. Traders are waffling between those levels and waiting for the next shove at some point.
