Another pair where momentum slows
The EURUSD had two breaks today.
- The first time was the Asian break below the 1.1709-20 area. That level has been outlined in the prior post.
- The second break was a move back above the 100 hour MA, and 50% of the move down from the Friday high. Those levels came in at 1.1762-638. That break occurred in the NY session.
If the should break a technical level, there should be momentum in the direction of the break. If not get out. There were two breaks and two "get outs" too.
That says to me, "the market" is not really sure what it wants to do - for now. At some point it will push above or below and have some additional momentum in the direction of the break.
