Below the 100 hours MA and above the 200 hour MA
The EURUSD is still stuck in the days “battle zone” as talked about in the earlier post (CLICK HERE). That areas defined up to the 100 hour moving average above (blue line), and the 200 hour moving average below (green line). The lower ceiling is at the 50% and swing area at the 1.12164 – 18 area (yellow area).
The last 4 hourly bars has spent most of the time trying to bang through the lower extreme, and the price trades just a few pics from that moving average line now. Nevertheless, it ain’t broke until it is broken (and you see some sort of momentum on a break). The good news is, like a coiling spring, there will be a break and reaction at some point. For now, however, the sellers are happy from their cells against the 100 hour moving average and 50% retracement area above, and the dip buyers are happy with their buys against the 200 hour moving average below. So the battle continues.