EURUSD ping ponging in the NY session
A brief look before the 100 hour MA fails. The 1.09834 is stalling the upside so far
An update of the EURUSD is showing the pair in the NY session took a brief look below its 100 hour MA early in the session (low reached 1.0971 before rebounding). On the topside in the NY session the high has created a ceiling at the 1.09834 area.
Put it all together and that is a 12 pip trading range of ups and downs. We currently trade in between the two extremes at 1.0978.
Who is going to win? That is where's the break and the run going to materialize?
Flip a coin.
If you like the downside, stay below the 1.09834 level and the topside trend line (see green numbered circles).
If you like the upside, stay above the 100 hour moving average, and if that is broken watch the 10962-67 area as the next downside target to get and stay below.
The price action so far in the NY session is the saying the traders are unsure of what to do RIGHT NOW. Otherwise there would be something more than 12 pips. It will make up it's mind but for now the buyers and sellers are stuck.