The EURUSD is about 20 pips from the closing level, but stalled at the Asian session high.... Double top?
The EURUSD is trading to a new session high of 1.22337. That is got the price within about 20 pips of the closing level from Friday's trade near 1.2252. The high has been able to more or less retrace the full decline from the Asian session high at 1.22342 however (within 1 pip of a full retracement).
Technically, the pair's price is back above its 100 hour moving average at 1.22079 (see earlier post on the EURUSD). That moving average saw price activity hold support against the level on the last 2 hourly bars - helping to give the buyers the go-ahead to push higher as London traders look to exit. The 100 hour moving averages is now support and a bias defining level. Stay above is more bullish. Move below is more bearish.
With the price stalling at the intraday high price, there has to be some cause for pause for the double top potential. That sets up the 100 hour moving average vs. the double top as the battle zone now for buyers and sellers. Be aware
