Back lower on the day
The EURUSD raced higher in early NY trading and in the process extended back above the 100 and 200 hour MAs at 1.12322 and 1.12396. That run to the upside was also able to extend above the 38.2% of the range from last week at 1.12503.
However, the momentum faded at a high today of 1.12614 and the price ultimately rotated back below the 38.2% level and the broken MAs as well. We currently trade at 1.1225.
It is hard to put a bias on the pair as the run lower in the London session did find support buyers at the low from last Thursday at 1.11899. So buyers showed up and formed a double bottom.
However, the run higher failed to stay above its 38.2% and the hourly MAs (and stalled ahead of the 50% and downward sloping trend line). Sellers failed on the early run lower. Buyers failed on the later run higher.
With the latest failure being at the MAs, staying below the MAs will tilt the bias a little more to the downside currently, but anything is possible given the recent ups and downs.
