Also trades above 100 hour MA below
While the EURUSD remains up on the day, there has been limits to the gains. More specifically, as the price has approached the 200 hour MA (green line in the chart below), sellers have entered - stalll the rallies.
Having said that, the pair in the NY session also came in early against the 100 hour MA below.
I call the situation when the price trades between the 100 and 200 hour MA, "trading between the goal posts" (each MA line is goal post).
In this dynamic, it says, the buyers are trying to take control, but the longer bearish trend move is giving traders cause for pause against the higher "confirming" 200 hour MA. The "market" is just not ready to give up on the bearish trend.
At some point, the price will be pushed higher and the correction higher can build on the move so far, or the sellers reenter and push the price lower/below the 100 hour MA, potentially continuing the trend down.
What seems certain today, is that the 8 of 9 down days, will be 8 of 10. The close yesterday was down at 1.1204. The NY session low was at 1.1224 and we currently tradni at 1.1240.
