It was resistance yesterday, but support after a break higher today....
Be aware traders in the EURUSD of the 100 hour MA (blue line in the chart below).
Looking at the chart above, on Wednesday, the pair found sellers against the level and the market moved down toward the 200 hour MA (green line).
Today, after a failed move below the 200 hour MA and a lower trend line, the price surged higher and cracked above the 100 hour MA. The rally stalled but consolidated above the 100 hour MA (blue line) after a test of the line found buyers.
What was a ceiling on Wednesday, become a floor on Thursday.
We are moving back down toward the moving average level at 1.18833 (see blue line in the chart above). Will a test, find buyers and resumption of the upward momentum?
Will we see selling through the level and the buyers giving up and turning sellers (pushing the price back down)?
That line is the barometer for bullish and bearish. Traders can define risk and risk against the level. If you like the market, buy against it with stop below. If you don't like the EURUSD, a break should solicit more selling.