Testing the 100 hour MA
Yesterday, the price in the NY session traded above and below its 100 hour MA (blue line). Today, the price moved higher in the Asian session and got within about 4-5 pips of the 200 hour MA (green line) The price has not been above the 200 hour MA since August 1.
Sellers entered and in the European session the price fell to the 100 hour MA and stalled against that MA and rebounded modestly
In the early NY session, the price is back down retesting that blue MA line. Sellers from resistance above and new sellers, will be looking for a break to help continue the selling momentum. The 50% of the move up from the Monday low comes in at 1.15787. That too is a key level to turn the tide back to the downside. That level is being tested as I type.
