Fails at look above the 200 hour MA
The EURUSD continues to have trouble above the 200 hour moving average. That moving average comes in at 1.06105 currently. Earlier in the Asia-Pacific session, the pairs price extended above that moving average level, but we are now back below. There was not a whole lot of upside excitement above the MA level. So we go back down.
The 100 hour MA at the 1.05876 will now be eyed for support and below that, the 1.0581 level. That level "sort of" defined "bullish above /bearish below" bias at the level.
Let's face it, the trading in the EURUSD yesterday and into today is not committed to the upside or the downside. However, if you were to look at the most recent price action, the nod remains with the sellers. The buyers have simply not been able to hold a bid for long.