Yesterday the price tested the 100 hour MA and fell. Today the price has been above and below the flattening MA (see blue line). In the last few hours the price moved back above the MA only to fall short of the high and wander back down. The wander lower has taken the price back to the moving average at the 1.0214 level. The pair has a decision to make. Stay above and take out the high at 1.0245, or rotate back below and look to test the days lows at 1.0186? Decision time . What’s it going to be?
By the way, the rally today successfully held below the 100 day MA at the 1.0251 level. This gives a nod to the downside from that perspective. A move above the key MA will be ultimately needed to open up the upside for further gains.
