High for the day extends above 200 hour MA but rally fizzles out
The EURSD earlier in the NY session tested, then moved above the 200 hour MA at 1.20611. The price moved to a high at 1.2072. That was short of the Monday high at 1.2075 when the pair also tried to extend above the 200 hour MA.
The rotation lower has now seen the price move below the 100 day MA at 1.2049. The price traded to 1.20436 but is currently trading just above the MA at 1.2050 in quiet trade.
With the price back below the 200 hour MA at 1.20611, trading above and below the 100 day MA, but still comfortably above the 100 hour MA at 1.20266, there is a little something for buyers and sellers. The buyers had their run off of the 1.1987 to 1.19943 area, and made other technical progress, but getting and staying above the 200 hour MA is still a key target that would increase the bullish bias. That could not be done. The sellers might feel a little more confident on the failure.
So the pair is back in neutral territory with the 200 hour MA above and the 100 hour MA below defining the trading range until that time we get a break outside of that area.