Up and down volatility but sellers showing up near the 100 hour MA
The EURUSD trading in a choppy up and down range on Monday. Merkel’s news that she would step down as Chancellor caused some volatility. The fall did lead to a bounce back rally, but when the price moved above the 100 hour MA (blue line), the momentum stalled (twice), and the price fell back down.
That 100 hour MA is currently at 1.13974. If the buyers are to take more control, they need to take the price above that MA line – and stay above. Failure to do that, is just another indication that sellers are still in control.
ON the downside the low from Friday at 1.1335 and the lower trend line (that line was broken on Friday but also failed) will be targeted (see chart above).
Sellers are more in control below the 100 hour MA. Move above, and the bias would shift back to the upside with the 200 hour MA (green line at 1.1441).