Technically, the price for the EURUSD moved above its 100-day MA at 1.0807 but stalled ahead of the falling 100-hour MA (blue line currently at 1.0832). The high reached 1.0828. Buyers turned to sellers.
The price has rotated lower and now trades below its 100-day moving average once again. The current price is trading at 1.0799.
We are heading into the weekend and then into a new trading week, but what is clear from the hourly chart at least is that the price has been able to stay below the 100-hour moving average since May 8. There have been 4 separate tests at lower successive levels, and each test has found willing sellers. The prices also looking to close a week below its 100-day moving average which is a more bearish bias shift.
This article was written by Greg Michalowski at www.forexlive.com.
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