EURUSD stays confined above support and below resistance

Technical Analysis

Author: Greg Michalowski | eurusd

100 hour MA stalled the move higher. Remains above the 1.1712-17 level below

The EURUSD moved up to test the 100 hour MA at 1.1723 (blue line the chart below). That is a key technical level to get and stay above today. The high reached 1.1750 and backed off.

The price is back down and moving back toward the 1.1712-17 area.

In an earlier post, I outlined how that area was a key risk level today. The low before the move to the new highs stalled at 1.17137. Technically, the holding of that level  helped contribute to the move higher toward the 100 hour MA. 

However, that  momentum could not be maintained through that MA.  Recall, the 100 hour MA was tested yesterday (Wednesday) in the Asian session and found sellers.  If a key target (like the 100 hour MA) cannot be broken, that can turn the beat back around - especially on corrections.   The beat was turned around.

What now?

Nothing has really changed from a technical perspective from earlier.

The 1.1712-17 remains a key level to stay above for the bulls/buyers today to keep control.  Move below and there should be further selling.

On the topside, now that the 100 hour MA was tested and held for the second day in a row, that increases that levels importance.  It needs to be broken. If not, the buyers are getting nowhere with regard to control. 

Nevertheless, for now, the buyers and sellers are battling it out. However, with resistance holding and the trend since May 14 being down, the buyers have more to prove. 


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