100 day MA at 1.09694
The EURUSD tested the 100 day MA at 1.09694 in the London morning session and thought better of going higher just yet. The high price did extend to 1.0975 but quickly reversed. We currently trade at 1.0945. Back on May 1, the price also moved above the 100 day MA, but failed (ahead of the 200 day MA). The last time the price closed above the 100 day MA was back on March 30 (two days closed above the level). The pair today also moved above the 38.2% of the 2020 trading range at 1.09621, but that too has so failed. It will take a move above each to solicit more buying. Some apprehension as upside resistance is puts a limit on the gains.
Drilling to the 5 minute chart below, the price sideway moved below the 100 bar MA (blue line) in the Asian session, but moved back above with upside momentum toward the tail end of that session. The price stepped higher until the apprehension around the 100 day MA (see overlayed blue line on the chart below). The price is currently down testing intraday support at a upward sloping trendline at 1.09405, the 50% retracement of the days trading range at 1.09387, and the rising 100 bar moving average just below that level at 1.0938. Watch that area for intraday clues. Hold the level would keep the bulls/buyers in play/control (with a battle on between the 100 day MA above).
A move below muddies the bullish waters with the rising 200 bar MA at 1.09257 as the next target on a break below.
