100 hour MA at 1.2396
The EURUSD fell in the early NY session, only to rebound over the last 4 or so hours. The dollar - which was higher earlier in the day on the back of higher rates - has seen rates come down from the morning highs. The 10 year reached 2.7254%. The yield is back down to 2.693% It is also hard to shake the trend.
The move higher in the EURUSD has taken the price back toward the underside of the broken trend line and the 100 hour MA at 1.2396. A move back above that MA would hurt the sellers who thought they were making progress back to the downside.
Since November 7th, the price of EURUSD has moved up from 1.1552 to 1.2537 last week - or nearly 1,000 pips (see chart below). The highs last week moved above a topside trend line and failed twice. That should give buyers a cause for pause - especially after a near 1000 pip move.
However, if the 100 hour MA is broken to the upside, that idea would be hurt. Until it happens though, the sellers are still trying to stake a claim to the bias.
We will see if the sellers come in here and put a lid on it.
