The EURUSD is testing the intraday resistance at the 100 and 200 bar MA levels on the 5 minute chart and seems to have found sellers against the level. The price for the pair has been stuck above the low floor (give or take a pip), and these two moving averages for nearly the entire NY trading session. So far, the market has not found the reason to break out and traders intraday seem to be happy selling high and buying low – albeit in the tiny range.
As mentioned earlier, non trending transitions to trending at some point and the EURUSD will find it’s way once “the market” decides. What also tends to be true is the longer the market non-trends the closer it is to trend. So be patient. Clues will come from the price action and the tools. Above, watch the two moving averages, the 1.3364/67 and the high at 1.33846. Below watch the lows for the day and below that the 1.33106 (38.2% of the move up from yesterday’s low).
