High today stalled at the Monday swing high…
The EURUSD is visiting the ubiquitous 100 hour MA at 1.2242.
- This week that MA was broken on Wednesday.
- Yesterday, the price traded above and below the line.
- Most of the price action today has been above the level.
Today’s price move higher did stall near swing highs from Monday, Tuesday and Wednesday. Yes, there was a run above those highs (see yellow area) on Wednesday, but failed quickly and the prior highs reestablished the ceiling (including the high from today).
Can traders push the price below the MA line now? If so, a move toward the 1.2194 level might be in the cards for the day. There is a big option expire at 1.2200. Traders have pushed prices to the option strike price limit before (that benefits the option sellers). Do they run the price lower (and toward that strike) in the next hour?
First things first. Get below the 100 hour MA.