The MA stalled the rally yesterday. Not today, but market price action is choppy and looking for more confirmation
In the Asian session today, the price spiked above the 100 day moving average at 1.25646 and moved up to a high of 1.26097. Since then, the price has rotated up and down with support buyers trying to keep above that 100 day moving average.
In the early New York session, there has been some dips below the moving average level (the low reach 1.25533, but the price has since moved back above. There is choppy trading but the buyers are clinging him him to control above the MA level. However, that bias could see a shift on more trading comfort below the 1.25646 moving average level. Risk/bias should be defined there for the short term.him
Key break. Key test. The battle is going on around the 100 day moving average. The market is looking for the next shove collective action of the buyers and sellers. The 100 day moving average should play a part in deciding the winner and loser. For traders, it’s up to your bias preference. The good news is risk can be defined and risk can be limited.