Can not rebreak the ceiling...
Traders took one serious look above the 100 day MA today. That was a 7 pips move above. That move failed. In the NY session, traders knocked on the door, but could not break through. Selling into the London close has kept a lid on it and nearly half of the days range was retraced. The pair remains higher on the day, but is at risk of a further move lower. Keep an eye on the 100 bar MA on the 5-minute chart for close up clues now... (blue line in the chart below).
A move below the lower trend line, the 50% and the 200 bar MA (green line) would be a more bearish development.
