After closing above for an hourly bar, the EURUSD is trading back below the key MA
The EURUSD was able to extend above the 100 day MA at 1.10863 a few times today. The moves above were the trades above since November 5th.
The earlier moves above the MA failed quickly. In the last hourly bar, the price closed above the line and extended to a new high for the day (and since October 5th again) at 1.10965. However, the price has since moved down and in the process, is back below that MA level.. The price is also moving back below the 50% retracement of the move down from the October 31 high. Things are not looking so bullish anymore. In fact, the bias has tilted to the downside on the failiure.
Staying below the 100 day MA will have traders looking toward the 100 and 200 bar MAs on the 4-hour chart at 1.10733 and 1.10707 respectively. A move below each, will increase the bearish bias for the pair, and should lead to further downside momentum. Staying above, would set the market up for a battle between the MA levels.
