100 hour MA stalled the rally earlier today
The EURUSD is trading near the session lows and in the process is skimming near the lows for the week, and near the low from last week (at 1.12119). The Monday low reached 1.11256. The low from Tuesday was at 1.11268. Today's low just reached 1.1122 but could not reach the last Friday low at 1.12119. We currently trade at 1.1234.
Helping the bearish bias today was the sellers against the 100 hour MA at the day's high. The horse has left that barn but sellers who leaned against that MA were rewarded with the declines and great trade location.
The buyers near the low are hoping for a similar move back higher.
Drilling to the 5 minutes chart below, the 38.2% retracement of the days trading range comes in at 1.1249. The dip buyers would need to get above that level and then target the falling 100 bar moving average currently at the 50% retracement at 1.12576 (and moving lower). stay below those levels and the sellers remain more in control intraday.
