Back above the 200 hour MA in the last hour, but closes just below
The EURUSD will end the trading day above the close from Friday at 1.0588 level. However it failed to close the day above the 200 hour MA at 1.06125. If there was a close above 1.06125, it would be the first end of day close where the price closed above the 200 hour MA since November 8th. It was not to be. Boo-hoo.
The road the EURUSD traveled today was up and down and now up into the close. The rally in the Asian Pacific session took the price to the 38.2% of the move down from the November 10th high (the day above the US election results - see chart above). That rally also extended above the high from last week at 1.0657 and the swing lows from November 16th (see yellow area) at 1.06658. Most of the trading activity today traded below that area. It remains as a level to get above and stay above if the bulls are to take more control from the sellers.
Having said that, the fall today, kinda stalled at an unimportant level. The price moved below the 100 hour MA and the 1.0581 level which sort of splits bulls and bears at the lows. Last week on Wednesday, Thursday and part of Friday, the price moved below that line. On Friday, the line was broken and the price stayed above UNTIL the NY session. That line was broken and should have solicited more selling, BUT it did now.
So the buyers have some leverage. Stay above the 100 hour MA at 1.0588 and that 1.0581 and I can see more corrective momentum. Move below and the selllers remain the dominant AT these levels and a move back toward the triple bottom at 1.0517 cannot be ruled out.....