The EURUSD fell in the Asian and early European trading. In the process, the price moved back below its 100 and 200 hour bias defining moving averages which are moving closer to each other as the market consolidates an up and down trading over the last few weeks of trading. The 100 hour moving averages at 1.12958. The 200 hour moving averages just below the 1.1300 level.
The price high just reached 1.12915.
The price has backed off that high and currently trades at 1.12826 as I type. There seem to be sellers against the moving average levels after the declines earlier today.
Drilling to the five minute chart below, the correction off the low has also run into the midpoint of the move down from Friday's high to the low today at 1.12914. The falling 200 bar moving average on that chart is also just above that level at 1.12923.
So there is a cluster of resistance on the five minute chart that is helping to give traders cause for pause as well. Stay below and the market keeps the bearish bias in play.
