EURUSD moves back up to test the 100 bar MA on the 4-hour chart

The EURUSD moved lower and below an upward sloping trend line in the process, but selling stalled and the price rose. The move up has returned to the lower of 3 moving averages starting with the

  • 100-bar MA on the 4-hour chart at 1.0530
  • 200-hour MA at 1.05385
  • 100-hour mA at 1.05517

Get above that cluster would shift the medium-term bias to the upside. Conversely, staying below keeps the bias more to the downside.

On the downside, a move below the lows today would have traders rethinking a move to the swing area between 1.0448 to 1.0461.

This article was written by Greg Michalowski at www.forexlive.com. Source