Test for the bulls and bears
As per the earlier post, the 100 day MA did in fact stall the rally at the 1.1090 leve (The 100 day MA is a "key area on a test that should see some patient sellers ... with stops on a break above"). The price has wandered lower and is retesting the broken 100 bar MA on the 4-hour chart at 1.10765.
For the sellers above, they would now like to see that MA broken and the price to move back between it and the 200 bar MA on the 4-hour below at 1.10624.
For buyers, they would prefer to see the 100 bar MA on the 4-hour hold right here and start a move back higher toward that key 100 day MA again.
So the battle is on against the technical MA levels. The winner willl control the bullish or bearish bias going forward.
