Two breaks above the 100 hour MA quickly stalled
A break of the 100 hour MA for the first time since February 4th SHOULD have solicit more buying. In reality, two separate breaks on the hourly chart could only get 3-4 pips above the MA level before rotating back to the downside. So there was a break (well two), but no closes above the MA level. Momentum has failed.
The price has move back toward the middle of the days trading range at the 1.0798 area. Also near those levels are the 100 and 200 bar moving average on the 5 minutes chart (see blue and green lines in the chart below).
Stocks and yields are tracking lower in trading at the lows for the day. Does that hurt the dollar?
