Bias switches back to more bullish as traders wrestle with control.
The EURUSD is waffling around the 200 hour MA. The price did move lower in early North American trade – moving below the 100 hour MA (blue line) in the process.
The fall to the price close to a lower trend line, but has since bounced back higher. We just moved back above the 200 hour MA at 1.1378 level shifting the bias back more to a bullish side. The pair also moved above the 50% retracement at the 1.1378 level as well.
The price has traded above and below both the 200 and the 100 hour MA. On Friday, the price moved lower after the stronger US employment report but stalled just ahead of the 100 hour MA before correcting modestly into the close (at 1.1385). We currently trade right around that closing level as trader wrestle back and forth.
The nod is a little more bullish right now above the 100/200 hour MAs and 50% retracement, but I get the feeling that traders – from the price action – are just taking shots here and there and hoping for some run.
PS on the topside now, get above 1.1396-1.1400 would be a step in a more bullish direction. The high for the day reached 1.1399 and backed off on two separated occasions. ForexLive