100 hour MA stalled the topside in the European session
The EURUSD trading up and down for most of the trading day. In the Asian Pacific session the price fell below the 100 hour MA, fell to the 100 bar MA on the 4-hour chart at 1.23855 area (see blue step line), bounced back up to retest the 100 hour MA (blue line currently at 1.24298).
That stall - at the London session at the 100 hour MA - has led to more downside momentum and also ultimately to a break below the 100 bar MA on the 4-hour chart and the 50% of the move up from the Feb 9th low at 1.23799. More bearish. The price has now traded to a new session low at 1.23692.
What now?
Close risk for shorts will be the 1.23855 level (100 bar MA on the 4-hour chart). What was once support, becomes resistance.
The 200 hour MA (green line in the chart above) is a downside target at 1.23519 now. I would expect a stall on a test (with stops below).
