Trades between the 100 and 200 hour MA
The EURUSD fell to the lowest level since January 21 and in the process tested the 6120% retracement of the range last week at 1.21049 (the low reached 1.2107). The pair rebounded off the retracement level and has now moved back between the 200 and 100 hour moving averages at 1.21294 and 1.21455. The price is currently testing the 100 hour moving average, but needs a bigger shove above that level to tilt the bias more to the upside.
Note that the price fell below that 100 hour moving average in the early New York session yesterday and stay below the level on a correction into the New York afternoon session. The Asian session high today also stalled ahead of that moving average level.
The last hour so the price move above the level but rotate back down. As a type, the price is trying to break above the moving average line for the 2nd time. Can the momentum continue?
