The EURUSD is trading in quiet trading range in the NY session. The traders who were fortunate to buy against the 100 hour MA (blue line in the chart above) earlier in the trading day are the lucky ones and have additional joy from the move above the 200 hour MA (green line) in the NY session. However, this baby has since gone to sleep and is simply tossing and turning in a 20 pip range since NY entered.
Nevertheless, the bias is still to the upside. The 38.2% of the move down from the September high is the next stop above (at 1.29442). The high from last Friday at 1.2959 then the double highs at 1.2971 come after that. These are just the steps higher as long as the buyers remain in control. The range for the day is vary modest 53 pips. There is room to roam.
Where is control lost or slipping? A move below the 200 hour MA at the 1.2914 level and the midpoint of the days range at 1.29059 currently will dampen the bullish bias intraday.
