100 /200 hour MA
The EURUSD made a run lower in the early NY hour of trading and in the process made a move away from the converging 100/200 hour MAs (near 1.1934 area). The move took the price to a low of 1.19017. Buyers against the 1.1900 level? I looked at the option settles and not a lot of settles there today, but traders will tend to stick a toe in the water near “big figure numbers”.
The price is back up to 1.1926. The 100 hour MA is at 1.19323. The 200 hour MA is at 1.19358. Those levels will be eyed now for resistance. The price did briefly move above the 200 hour MA (green line) today, but only by a pip or so. On Friday, there was a bigger break, but buying stalled, and the sellers reentered pushing the price back to the 100 hour MA.
When the 100 and 200 hour moving averages converge, it is an indication of a non-trending market. Looking over the last four or so trading days, the price has consolidated today’s low being the most recent low over that time. The high on Friday took out the high from last Wednesday but only by a few pips. The range over the 4+ days is only 75 pips. That is not a lot.