100 hour MA finds buyers quickly...
..the action is a little more two-way
The EURUSD worked it's way lower after peaking at 1.1224, and even fell below the 100 hour MA at the 1.11897 (currently). That attempt to solicit more selling below the MA level, was quickly aborted in less than a minute (the below chart is a minute chart to show the quick bounce back). The price moved from 1.1183 to 1.1216 in 4 minutes. The shorts continued to feel anxious in the EURUSD. Support did hold, but there seems to be more acceptance of a two way flow for the time being.
Looking at the hourly chart below, the high in trading today for the EURUSD has been able to extend above the 50% of the move down from last week at 1.12138. The high also erased the move lower after the US employment report. The price right before the release was 1.1220. The high today reached 1.12238. The range for the day has reached near the average over the last month of trading. So we have reached that target.
The pair has the post NFP hangover and that report is now a distant memory (or so it seems). Headlines from Greece continue to dominate the news but the market does not seem to care too much about it at the moment.
So that leaves the technicals.
As mentioned, the price action is more two way, but the important 100 hour MA/broken trend line/38.2% retracement (see hourly chart) remain a hurdle to get to and through if the sellers are to take back more control. A few seconds below the 100 hour MA on the first look does not cut it. So with the price in the middle between support and resistance, I have to still give the nod to the buyers.
