EURUSD back below the 1.3605 level
The NY afternoon has seen the EURUSD continue to drift higher. The price action took the price back above the 200 hour MA at the 1.3602 level and that led to a high print of 1.3615. The peak was well below the 100 hour moving average (blue line above) at 1.3631. Now the price has dipped back below the 200 hour MA level once again, reversing the bias back down from the intermediate perspective at least (price is below 100 and 200 hour MA levels).
From a shorter term perspective, the bias is still up in that the price is above the 100 and 200 bar MA on the 5 minute chart. The next support level comes in at the 1.3591 level which is the 200 bar MA on that chart (see below). A move through this level will keep the sellers in charge from an hourly and off the dip below the 200 bar MA on the 5 minute chart. The price will then look to target the 100 bar MA on the 5 minute chart at the 1.3571 level (see blue line in the chart below) as the day unwinds toward the close.
The key for the bears is to get through the 1.3591. Buyers may look to buy against this level if downside momentum can not be established.
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