Trades above and below the 100 hour MA and 5 day midpoint

The EURUSD is higher. The good/bulllish news is that the price has been able to stay above the 100 day MA at 1.10624. However, the pair is having a difficult time going very far.

Trades above and below the 100 hour MA and 5 day midpoint

The range for the day is a narrow 22 pips. That is better than the 9 pips that prevailed when Justin took over through the Asian session, but 22 pips is certainly not something to write home about.

Admittedly, the price is higher, and it also was able to extend above the 100 hour MA and 50% retracement of the 5-day trading range. That comes in at 1.1078 area (see hourly chart above). However, upside momentum could only take the price to a high of 1.10838 and the price action has been above and below that 1.1078 area of the last 5 or so trading hours.

Needless to say the "market" is not impressed with the break or excited about the upside prospects for now at least.

So what to do?

The bias tilt is to the upside. The prices been able to stay above the 100 day moving average. The price is higher on the day.

However, intraday longs will likely have a short leash on the trade. If the price starts to trade back below the lower trendline on the hourly chart above at around 1.1070 level, they should start to give up on the idea that the extension will be to the upside.

Of course the 100 day moving average and rising 200 hour moving average at 1.10624 and 1.10594 will be eyed as well. Break below each and selling could intensify.