Also back above the 200 hour MA
The EURUSDs break below the 200 hour MA at 1.1875 sent the pair to 1.1848. However, the bearish momentum could not be sustained and the move back above the 200 hour MA level, has sent intraday traders scrambling a bit. The price moved to a high of 1.1895...GRRRRRR.
Is it week end fix buying? Is it London/Europe squaring before the weekend? Is it the move back above the 200 hour MA? Probably a combination of all. The 38.2% of the days range and 100 and 200 bar MA on the 5-minute come in at 1.1898-1.19013. So far those levels have not been tested.
Bears are still more in control, with the 1.1875 level the barometer for bullish/bearish. The selling could not be sustained but it is Friday. We are heading into a US holiday weekend. Liquidity is probably being sucked out. So it is, what it is. That can continue into the weekend.