Trade between its 100 and 200 hour moving averages
The EURUSD has traded most of the day between its 100 and 200.
There was a try below its 200 hour moving average at 1.18279. The break took the price down toward the 1.18115 level but quickly snapped back higher. The last 4 hours have seen the price maintain support against its moving average line (green line in the chart above).
On the topside, the broken 38.2% retracement of the move up from the August 12 low stalled the rally neared 1.18677. That was ahead of its 100 hour moving average at 1.18775. We currently trade around the midpoint of that same trading range at 1.18376.
Apart from the extremes on the topside and downside, the range is only around 35 pips. Recall from yesterday the pair was confined to a 30 pip trading range coming into the New York session, and ended with a near 125 pip trading range for the day. There is the potential for a another break today if momentum develops on a break. Watch the moving average levels for clues. As I type the 200 hour moving averages being tested again.
