The EURUSD is mired in another up and down choppy session, and remains within the boundaries of the recent price activity.
The initial move higher in the Asian session stalled near its near converged 100 and 200 hour moving averages (blue and green lines near 1.1317). Bearish.
The subsequent move to the low for the day at 1.12839 stalled ahead of the recent swing area near 1.1271 to 1.12766. The inability to get to the swing area give the buyers a reason to step in, and worried the sellers at the same time.
The price has been able to move back above the 100 and 200 hour moving averages, but once again market traders were disappointed on the momentum after the break.
The high price reached 1.1326, but backed off below the moving average levels. The last four hours of trading have seen three hours where the price moved above the moving averages, only to fall back below (and close below).
Going forward it will take a move above the moving averages - and a close above - to increase the bullish bias. The 1.1341 to 1.13458 swing area would be a target on further upside momentum.
For now, the choppy up-and-down price action makes things uneasy for both buyers and sellers (the trends start then keep on reversing). At some point, however, traders will make a "break for it" and keep momentum going in the direction of the break.
For now, however, the up and down choppy action seen in the daily chart below has the pair confined and caged near the middle of the range. That ain't no fun.
