Failed on the peak above 100 day MA today.
The EURUSD moved higher in the Asia-Pacific session, it peaked after moving above the 100 day moving average at 1.0949 (see chart below). The high price for the trading day, extended to 1.0962 before failing and starting a pretty steady move back down.
The pair has moved down to test a lower trend line at the 1.0878 (see chart above). Thiis line has a number of points on it. So it is pretty well established. Traders are leaning against the risk defining level with stops likely on a break below. A move below that line would look toward the lows from back in January that ranged from about 1.0775- 1.0809 (it is kinda a wide floor). That may not be where we go today but would be a target area going forward.
Looking at the 5 minute chart, the price low from Friday was a corrective high today at the 1.0910 level. The lows near the Asia Pacific opening was near that level too. So with the support trying to hold that would be a test on the topside that should solicit sellers IF the sellers really want to keep control. Currently the correction off the support is modest.
