200 hour MA below. 100 day MA above. 100 hour MA between.
The traders in the EURUSD have defined the trading range today by leaning against the 200 hour MA below, and leaning against the 100 day MA above (for a video on "leaning" CLICK HERE).
The price action in the first half of the day chopped lower, reached the 200 hour MA, tested the level twice, and moved higher off that level.
The rally took the price to the 100 day MA at 1.13864 (the high reached 1.1387). Sellers leaned against that MA and the price has come back down a bit.
In between the two MAs sits the 100 hour MA at 1.1373 currently. That may also be a barometer for the intraday wiggles and waggles. It is so far holding support on the back off from the 100 day MA. Bulls are more in control.
The range for the day is 34 pips. The 22 day average is 54 pips (about a month of trading). We should see an extension. The buyers are more in control now. Can the buyers give a shove and squeeze out more pips to the upside? That is the trade IF the buyers can keep the control. A move below the 100 hour MA (with more acceptance - give it a few pips) would ruin that trade.
Reminder. It is Friday. That can lead to weekend flows that can come and go, and make for price action at the London 4 pm fixing.
