High for the day stalls at the high from yesterday...
The EURUSD just made a new day low, but only extended the range for the day by 0.5 of a pip. Yikes. Not much momentum on that break - at least for the time being. A broken trend line comes in at 1.1369. The low from yesterday reached 1.13645.
The range for the day is only 53 pips. At the high (in the early European session), the price tested the high from Monday and a swing low from Friday. The upside momentum is not going very far.
Looking at the price action,, the sellers remain more in control, but there is reasons to buy too.
Taking a broader look at the weekly chart, the 1/13563 level, I have as the 200 week MA (green line in the chart below). Yesterday, the price got within 8 pips of the level before the bounce. At 1.1380 currently we are still a ways from that key MA, but be aware.
Last week, the price fell below the 100 week MA at 1.1460. If there is a bounce off the 200 week MA (and get and stay above the 1.1431 level), getting back above that level will be a step in the bullish direction. After that, is the 100 hour MA at 1.1478 (and moving lower).
