Stalled at the 100 hour MA
If you were to characterize trading in the EURUSD today, it is choppy/higher. The pair closed at 1.1193 on Friday. The high today reached 1.12316. We currently trade at 1.1216. The range is only 35 pips, but looking at the 5-minute chart below, there has been a number of up and down price action swings within that 35 pip trading range.
Technically what sticks out to me is that at the high today, the pair stalled against its 100 hour MA at 1.1230 (the high once again reached 1.12316). Sellers entered against the level and the price is currently on one of its choppy moves lower.
The price just fell below its 100 bar MA on the 5-minute chart (blue line) at 1.1259. The 200 bar MA come in at 1.1209 currently (the price has not traded below the 200 bar MA today). That is where a trend line also cuts across currently.
For traders, they should look to keep the higher chop going by leaning against that level, with a break below, a departure from the price action seen today (would be more bearish). I would expect stops and more selling on a break lower.
With only a 35 pip trading range today, there is room to roam on breaks of support (at 1.1209) and/or above the 100 hour MA above (at 1.11230 area currently). When the range is 35 pips with lots of up and down price action, the market is saying it is a bit unsure at current levels.
Looking at the hourly chart below, a move below the 1.1201-04 (see red circles), would be more bearish. There is a number of swing lows/highs in that area. The pair traded above and below that area in the early trading today, before pushing higher against the area (red circle 8 and 9).
