The earlier "tell" is broken at the 100 hour MA
The EURUSD moved higher in the late Asian/early European session after basing against its 100 hour moving average. The pair moved above a swing area between 1.18901 and 1.18977 and peaked at 1.19053.
The subsequent fall - after the better-than-expected Markit PMI data - has now taken the price back down below the 100 hour MA. The pair is also broken below a upward sloping channel trendline near the same moving average level.
The price is now testing the lows for the day and the lows from Friday's trade between 1.18487 and a 1.18515. A break below that level, would have traders looking toward the 200 hour moving average at 1.18403.
Big reversal for the EURUSD. The pair has nearly completed the up and down trading lap with a retest of the lows. Stay below the 100 hour moving average is more bearish once again.
