NY opened today with the EURUSD falling below the 100 and 200 hour MA (blue and green line in the chart). When the price moved back above the MA lines, it was the start of the end for the bears today.
For NY, the action took the price down 27 pips (from 7 AM ET -yellow area). After the price moved above the 7 AM ET high, the price has since moved another 27 pips in the opposite direction (orange section). The market is keeping the bid above the days midpoint and the MA levels.
As mentioned last Friday, the 100 and 200 hour MA would likely provide the bullish and bearish bias (see https://www.forexlive.com/blog/category/techs/ ) Indeed it has for most of the day. Looking at the chart above, apart from maybe one hourly bar today, the price has either found support against the MAs, found resistance, or broke through and extended. So we know the levels seem to be a point of energy.
As far as the extreme we are seeing today, the low found buyers ahead of the low from Friday, while the high in London morning was lower than the high on Friday. The NY high is lower than the London high, but as mentioned, the price is keeping the bias above the days midpoint at 1.21305 and the 100 and 200 hour MAs. It is not much but at least the market seems to be following the technical clues.
