Price trades above and below 100 and 200 hour MA. There is one thing of importance above though
The EURUSD is screaming at us that the “market” does not know what to do? How do I know?
- The 100 and 200 hour MAs are converged
- The price action today is simply chopping above and below those MAs.
It does not know what to do?
What the chart does say on the extremes is that the 100 bar MA on the 4-hour (overlayed line at 1.12060 (also the 38.2%) is near at topside trend line. That MA has also stalled rallies (see arrows) on each of the last 4 tests. So sellers are leaning and keeping seller a little more in control if the price can stay below. A move above would refute that technical view.
The problem is that although sellers are a little more in control, they haven’t been able to push too hard to the downside. The one run lower today could not get to the week’s low at 1.1666.
So the “market” is stumped, but with a little bearish tilt at the moment.