EURUSD trades up and down
The EURUSD has moved down and up and down and up. On the "down" (and at the lowest point), the pair tested a lower trend line on the hourly chart and bounced.
The high (off the bounce) stalled at a ceiling area in the 1.1164-663 area. The price fell and bounced again at the same ceiling area.
So far, the ceiling is putting a lid on the trading. It will take a move above to change the bias now with 1.11727 and 1.11772 the next targets. The falling 100 hour MA is at 1.1187 and moving lower. The price tested the 100 hour MA on Thursday and Wednesday last week, only to find sellers on each test. The price fell back below that MA on Tuesday.
On the downside, the lower trend line comes in at 1.1146 currently and moving lower. THe last lows today came in at 1.11526 and 1.1150 (low for the day). Get below each and then the lower trend line, would give the sellers/shorts more confidence (and scare longs).
