100 day MA/50% retracement. but momentum fades
The EURUSD has been going the opposite way of the GBPUSD today but can't quite sustain the momentum above the 100 day MA at 1.1000, and the 50% of the move down from the July high at 1.10113.
The price has been above the 100 day MA on a number of occasions (see 5 minute chart above), and above the 50% of the July trading range on 2 separate attempts, but each probe stalled. The price action is slowing as the NY afternoon moves toward the close.
Looking at the 5 minute chart above, the dips have been supportive. The 200 hour MA on the chart (green line held support on 3 tests. The higher 100 hour MA held on the last test (blue line in the chart). So as we head toward the new day, should the market wander lower, those MA level may be eyed for short term trading clues. Move below more bearish.
The 100 bar MA on the 4 hour chart is also in play today at the 1.0994. If the price should move and stay below that level later today, it might solicit more selling. Right now though, the buyers are keeping control in quiet trading.
