Price has not closed above the 100 week MA since August 2014
It is Friday. It is the end of the week. There are weekly charts which will end today.
Looking at the EURUSD, the pair moved above the 100 week MA yesterday at the 1.13084 level and after some support buying (at 1.1304 - see chart below), was finally able to move higher. The price moved up to 1.13656. However, today we are seeing a move back lower. In fact, the price moved right back to the 100 week MA and to that 1.1304 level that was support before the move higher (see 5-minute chart below).
Now it would be bullish to close above the 100 week MA today (the price has not closed above it since the week of August 10, 2014). Above the line is bullish. Below the line is bearish. For the bulls, they would have preferred if the price break from yesterday maintained the gains, but it was not to be.
So, it is what it is, but it does not subtract from the close today. Either the close will be more bullish or bearish, and that bias will carry over into next week too. It is a key level.
So regardless of whether it is today - or next week - I would expect traders to lean against the level and move the price away. That bias clue can be very valuable to your trading.
