Price has not been above since March 22
The EURUSD price has moved lower 6 of the last 7 days. Today, the price is higher (closed at 1.1216 area on Friday and trading at 1.1237 now).
On that move higher off the lows, the pair is testing the 100 hour MA (blue line) at 1.1246 (it is falling). The London morning high got within a few pips and turned back down (moved from 1.1249 to 1.1226). The NY session high off the weaker retails sales reached 1.1244.
What is clear is that the 100 hour MA is attracting some low risk traders who are leaning against the level (with stops likely on a break above).
The 5 minute chart is showing some choppy trading in the NY sesssion. The yellow area is home to the 50%, 100 bar MA (blue line) and 200 bar MA (green line). The price has moved below those levels on two ocassions and failed fairly quickly. If you like the long side today, buying against that area - with stops below - might be a way to play the long side (third time will be the charm for the bears).
Stay above that area and the longs/buyers would be looking for that break of the 100 hour MA.
