200 hour moving average stalls the rally
If the sellers are to take more control, they have to get below the swing area below between 1.1713-207. Last week (on Monday), the price fell below the low of that area and below the 200 hour MA (at the time), but quickly failed. Getting below it should open the downside for more selling momentum.
The price in the Asian/early European session reached down to 1.17212 - at the top end of that range - but could not go any further. Sellers turned to buyers. The price moved higher.
The run to the upside reached up to the 200 hour MA (green line at 1.18031 - the high reached 1.18038). The 100 hour MA is also a bias/risk defining level at 1.1814. The 100 and 200 hour MAs area near each other and going sideways indicative of an up and down market.
Indeed, at the highs (between 1.1904 to 1.1915) there are four separate highs near each other, and on the downside (call it 1.1713-30), there are a number of swing levels near each other going back to July 28th. IN between, by the 100 and 200 hour MAs is another swing area (see blue numbered circles). Ups and downs with the middle area swinging the bias around.