Forex technical analysis: EURUSD trades back to unchanged/100 hour MA

Move higher. Move lower. Back to unchanged

The EURUSD is having an up and down trading day with price action higher in the Asian session. The move to the upside moved above 1.1426-28 resistance and moved into the 1.1435-65 area that I have been harping on forever here. The high stalled at 1.1455.

The move lower saw the price fall below the lows form Friday, Monday and Tuesday at the 1.1378-81 area. That went no where - well it went to 1.1370 - but the break failed and the price reversed back higher. Sometimes when the market is behaving badly (i.e, not following through on breaks), you have to be more aware of the failures. The price should not have moved back above the 1.1435 level today after the fall yesterday, but it did and it failed on that break. The price should have not broken the 1.1378 area and failed, but it did.

Anyway we are back at the closing area from yesterday at 1.1410 and testing the 100 hour MA (which is flattened) at the 1.14178.

The 1.1426-28 and 1.1435 are upside targets as is the 1.1465 level Only 7 closes since Feb 2015 above 1.1465 (it closed at 1.1466 on Tuesday but that failed on Wednesday).

If the sellers at the 100 hour MA can keep a lid on it, the 200 hour MA at 1.1392 and the 1.1379 bottoms are still a key level to get below and stay below.

Ups and downs. Failures on breaks. Sounds like summertime trading.

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