Upside momentum is elusive for the pair
The EURUSD chopped higher today and in the process moved above the 200 hour MA. That MA comes in at 1.17929. However, the price action could not keep the price above that higher MA level. As a result, buyers turned to sellers and the price has rotated back lower. The rotation back to the downside has now taken the price to the 100 hour MA at 1.17787 (see blue line). Some risk focused buyers have now stuck a toe in the water against the level.
With the price back between the 100 hour MA below and the 200 hour MA above, traders will likely use those levels as bias defining levels. I know.... the moves above the 200 hour MA did not exactly lead to a more bullish bias (it should have). That does not put much faith in the upside. The buyers had their shot. They missed.
Nevertheless, sellers still need to take the price back below the 100 hour MA to increase the bearish bias.
It's Monday and traders are trying to understand the next moves as the weeks trading gets underway. Last week saw choppy price action with the swing lows from Tuesday through Friday holding support between 1.1751 and 1.1759. The low price today in the Asian session did find buyers ahead of those lows at 1.1763. That helped lead to the choppy move higher. However the failure above the 200 hour moving average still weighs on the most recent sentiment. The battle is on. Much price action near the moving average levels.