Just seems to be losing steam…
Does the EURUSD run higher seem to be running out of steam?
If you are more bearish into the ECB decision tomorrow, is the momentum fading?
Looking at the hourly chart, the price raced above a trend line and up to the high from last Thursday at 1.1649. It could not get to the highs from last week (Wednesday’s high) at 1.16588. The price fell back below the broken trend line.
The price moved rally in the NY afternoon just got back above the topside trend line, only to fail again. Momentum seems to be fading. Close risk can be the trend line at 1.1636. Other risk is the 1.1649 area.
Drilling to the 5-minute chart, the 100 bar MA is at 1.1615 and moving higher. The swing low after the peak reached 1.16157. Get below each and the pendulum swings more to the downside – at least a little more.