Support at the 100 hour MA. Resistance at the 1.11504 ceiling
There is a battle going on between the buyers and sellers in the EURUSD.
Looking at the hourly chart below, the price in the NY session moved above the 100 hour MA (blue line currently at 1.11379). Since then, the price has been able to stay above, giving the buyers hope for more upside potential. The low so far today has reached to 1.11397.
That is the good news for the buyers..
The hurdle (and perhaps not so good news), is that the high yesterday stalled at the swing high ceiling from highs on July 25 and July 26th at the 1.11504 area. Sellers against that ceiling are hoping for the price to move back below the 100 hour MA.
So the battle is on against the 100 hour MA below at 1.11379 and the ceiling above at 1.11504. The last 11 or so hours of trading have not been able to declare a winner, but at some point there will be a break.
A move above the ceiling would look toward the 38.2% at 1.11697 and the falling 200 hour MA at 1.11777
A move back below the 100 hour MA would move toward the 1.1124-26 area which was the low from last Wednesday and home to other swing levels on July 25, and July 26.
