Up and down day today
The EURUSD earlier in the session found buyers against the 100 hour moving average twice today. Yesterday in the North American session, the price it also stalled near that moving average level (see blue line in the chart above).
The holding support sent the price higher in the London morning session. The pair traded to the highest level since January 27 at 1.21759. In the process, the price extended above last weeks high at 1.2149 and the swing high price going back to January 29 at 1.21552. Momentum could not be sustained however, and the price of the last couple hours has started to push back to the downside.
The pair just broke below its 100 hour moving average and rising trend line at 1.21276 area. The price has moved down toward 1.2117 which is the high of a swing area seen over the last 4 so trading days between 1.211 to 1.2117. Get below that level and traders will start to target down at 1.2186 where the rising 200 hour moving average and 38.2% retracement of the move up from the February 5 low are both found.
Close risk is now the 100 hour moving average and the broken trend line at the 1.21276 level. Sellers are more in control below those levels.
