...the upside is stalling against the 100 hour MA.
The EURUSD fell after the weekend news and cracked briefly - once again - below the 200 hour MA (green line in the chart below). However, like the three times last week, the breaks did not have much momentum and the price has rebounded.
The bounce has been modest and the last few hours has stalled against the 100 hour moving average (blue line in the chart above). That moving average has been a barometer for bullish about bears below over the last four trading days (see red circled numbers).
The good news for traders is something has to give. Either the price is going to crack higher above the 100 hour MA (and hopefully have a run), or crack lower and run lower.
On the economic calendar in the EU today:
- Spanish unemployment change is expected to show a change of 54.3K vs 56.8 last month. It will be released at 3 AM ET/0800 GMT
- Sentix investor confidence for December will be released at 4:30 AM ET/0930 GMT. The expectations are for 33.4 versus 34 last month.
- EU PPI for October will be released at 5 AM ET/1000 GMT. The expectations for MoM are a 0.3% gain versus 0.6% last month. The year on year is expected to fall to 2.6% from 2.9%