EURUSD loses momentum. Back toward unchanged.

Technical Analysis

Author: Greg Michalowski | eurusd

Dips back below the 1.1300 level

The EURUSD has dipped below a lower trend line and because of the narrow trading range today, the sellers took a little more control/the intraday buyers gave up on their try higher.

Dips back below the 1.1300 level

As a result, the pair has bottomed back near unchanged levels.  

Looking at hourly chart, the area that sticks out to me is the 1.1284-87 area (see yellow area in the chart above). That area is home to swing highs going back to March 27. On Friday, the pair started to trade above that area, and the buyers came in, pushing the price to a high at 1.1323, before stalling and rotating lower into the week's close.

Today, the price moved back toward the Friday high but stalled ahead of it. The breaking of the trend line was a negative for the bulls.  

Although lower, the pair still needs to crack below the aforementioned 1.1284-87 area and the rising 100 hour MA at 1.12813 (it is moving higher), to get more acceptance from the sellers (and tilt the bias more negative).  I could easilyalso see buyers against the area with stops below.  So a battle is going on with intraday sellers now taking a little more control from the buyers as the punches are thrown.   

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