Key intraday test for buyers and sellers
The EURUSD has drifted lower and trades at new NY session lows as London traders look to exit for the day. The 100 day MA comes in at 1.10632. The low just reached 1.10637 (see earllier post).
Earlier today, the price traded above and below the 100 day MA before heading higher and testing the 50%/midpoint of the move down from last week's high at 1.10775. That was near the 100 hour MA as well at 1.10804. The stall at that area, kept the sellers in play (and control)
The 100 day MA on Friday was tested on the initial release of the US jobs report, broke below and retested the MA before moving lower to the the session low at 1.10392 (see red circles 1 and 2). That MA was also a support level earlier in the week.
Overall, the NY session has only seen a 15 or so pip trading range. The resistance held. Now support is being tested. Who will win the battle for the next bias? The 1.1063 price is a level that could/should give traders some clues.
