EURUSD moves back above 100 day MA/50% retracement (again) and backs off (again)

Technical Analysis

Author: Greg Michalowski | eurusd

No closes above that MA level and retracement since July 18.

.No closes above that MA level and retracement since July 18.

The EURUSD has moved back above the 100 day moving average at 1.1222 and the 50% retracement of the move down from the June 25 high at 1.12189.  This would be the 5th move intraday above the 100 day MA/50% in the last 6 days.  Each of the previous 4 days closed the day below the technical levels.   The price just reached 1.1228 and is already back lower and below the MA level after the slightly stronger CPI data (ex food and energy higher than expectations).  

Drilling to the hourly chart, the 100 hour MA at 1.12025 will need to be broken on the downside, to get sellers more engaged technically.  

For now the 100 hour MA at 1.12025 below, and the 100 day MA/50% above at 1.1222 are the extremes. On breaks, look for momentum (and no fails!).   Eventually, there will be a break and run.  

The EURUSD on the hourly chart.

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