Third break above the MA, fails quickly for the 3rd time
Whoops...it did it again.
Earlier I commented to watch support at the 1.0910. The low in the NA session bottomed at 1.09086. Good hold ( see prior post ).
I also commented on that post that at some time the price would make a "break for it" - either above the 200 hour MA or below the 100 hour MA.
Well, the EURUSD spiked above the 200 hour MA (and an old trend line as well) for the 3rd time in the last 6 trading days and for the 3rd time, the price has reversed back down quickly. It did it again! Damn you EURUSD.
The price has moved back down quickly, and where did it stall? 1.0911.
So in summary:
- there was a test of support at 1.0910
- A failed break of resistance at the 200 hour MA (at 1.0930)
- That break quickly failed and reversed and
- Finally a retest of support again at 1.0910
The market is still looking to make a REAL break for it. With the support at the 1.0910 area getting stronger. the boundaries to get and stay above, or move below and stay below, now come in at 1.0910 and the 200 hour MA at 1.0930.
What do you want to do traders?
PS the 100 hour MA remains a key level below at 1.0889.