Breaks in EURUSD and GBPUSD not looking great....

Technical Analysis

Author: Greg Michalowski | dollar

Breaks failed....

The EURUSD moved above the 100 AND 200 hour MAs. Looking at the 5-minute chart, the price tried to stay above those two MAs, but it failed and we are seeing some traders exiting on the disappointment. The level remains a key level, but we may see sellers leaning against the levels instead of looking to push through it. 

 
Meanwhile over in the GBPUSD, the price had only one bar above its 100 hour MA, and has now moved back below its 200 bar MA on the 4-hour chart at 1.2866. It is testing the 100 bar MA for the 2nd time in the NY session. The first time saw a bounce.  With the failures above, the buyers may be giving up. 


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