As the clock ticks to the close for the EURUSD in London/Europ, the pair moved to new session highs, and for the 2nd day in a row, banged against the 100-hour moving average at 1.06715 and found sellers.
In the kickstart video from this morning (see video on the EURUSD below ), I spoke of that specific MA level as being a level to get to and through if the buyers were to start to take back more control. It was not to be (so far at least). In trading it is important to know the roadmap from the technicals. They give you an idea of whether or not you’re going in the right direction given your trading bias view. Not being able to get back above the 100 day moving average is a “clue” from a technical perspective
Like yesterday, the rotation to the downside has seen a modest stall against 1.06552. Move below that level and sellers become more confident once again. Traders would then look to target the 1.0631 – 1.0635 area once again.
This article was written by Greg Michalowski at www.forexlive.com. Source