Buyers had little luck. Now sellers turn again
The buyers had little luck in taking the price higher over the last 4-5 hours. Over that time period, the price traded mostly above the 100 hour MA. No upside with a narrow trading range can easily switch the buyers to sellers. That is what we are seeing on the move back below the 100 hour MA (now risk).
We are testing the low for the day at 1.1117. That corresponds with the highs from May 18th and was near lows from yesterday and earlier today (see red circles). A move below will still have the 1.11609 low from Monday to get below but, it increases the bearishness. If momentum starts to pick up steam, the rising 200 hour MA at 1.1110 will be eyed.
