The pair moves back between the 100 and 200 hour MA
The EURUSD has moved to new session lows and now trades between the 100 hour MA at 1.16798 and the 200 hour MA at 1.16634. The early session move to new lows has increased the days range to 55 pips. That still compares to a 91 pip range over the last month (22 trading days). There is room to roam.
Technically, the price on the hourly chart above, fell below a trend line (currently at 1.16906). That levels, and the 100 hour MA at 1.16768, are risk levels for shorts looking for more downside. Stay below keeps the technical picture more bearish in the short term (for today).
Earlier in the day, at the highs, the price stalled at the high from Friday at 1.1717. Yesterday that ceiling was broken, but stalled ahead of the 100 bar MA on the 4-hour and the 50% near 1.1750-52 area. The high reached 1.17443. The failure, hurt the buyers looking for a break to the upside, and moved the price back into the 3 day trading range again.
We still sit in that trading range. If the sellers are able to push below the 200 hour MA, the 38.2% at 1.16546 will be eyed followed by the 1.1644 area and the 50% of the move up at 1.16268. On employment Friday, the GBPUSD spiked lower to a low of 1.1616.
If the selling fails and the price starts to move back above the 100 hour MA and then the broken trend line, The 1.1717 level becomes the focus once again, followed by the 100 bar MA on the 4-hour chart which continues to lag lower and stands at 1.17354 now.
For now, sellers have an upper hand, with the closest risk at the 100 hour MA, but the 200 hour MA needs to be busted.....