NY session sees steady fall after run higher stalled against topside resistance.
The EURUSD has moved down to test support defined by the:
- 100 hour moving average of 1.0456
- 200 hour moving average of 1.10429
The low just reached 1.1042. A move below should solicit more selling.
The high today stalled near the highs from yesterday and Tuesday's highs. In an earlier post, I wrote about the topside resistance:
The price action this week has been down, up, down, up. We are currently near the "up" area, and above the midrange 100 and 200 hour moving averages. However, if the ups and downs continue, traders are nearer the "up" levels. That may encourage some leaning against those higher levels from traders with stops/reversals on a break to the topside.
The "up" levels did attract sellers and the price has moved back toward the MA targets.
