Forex technical analysis: EURUSD comes back into the neutral zone
Tested the 200 bar MA on the 4-hour chart and stalled
In an earlier post, I talked of the neutral zone defined by swing lows and highs going back to early August. The price was in that area after failing on the first look. The market had a decision - go higher and look toward the 200 bar MA on the 4-hour chart (see green line in the chart below), or go lower and head to 1.1800-04 and the 100 bar MA on the 4-hour (CLICK HERE). Here's the chart.
The market choose the upside and the price went higher. The price tested the 200 bar MA on the 4-hour chart. The price stalled and has moved back into the neutral zone (1.18219-37).
The dynamic are the same as before but with a test of key risk above holding (sellers entered).
Move back above the 1.1837 is more bullish. Move below 1.18219 and the 1.1800-04 and then the 100 bar MA on the 4-hour chart at 1.1776 will be eyed.