Could not get above the 100 bar MA on the 4-hour chart
As posted earlier, the EURUSD pushed toward a resistance area earlier in the day against the high from Friday, and the 100 bar MA on the 4- hour chart. That resistance target came in at 1.0629-30. The highs for the day stalled at 1.0625 and 1.0623.
Into the fixing at 4 PM, the selling started to gather more speed (was it the fixing or the disappoint of not being able to get above resistance?), and we area now back down trading near the NY session low at 1.0590. We have also fallen below the 100 bar MA and trend line connecting the lows.
The move lower is being helped by a move back down in the EURGBP. It rallied back above the 0.8400 level and spiked up to 0.8430. It has moved back lower and looks to test the low for the day at the 0.8362 level.
