100 bar MA on the 4-hour chart is broken and stops triggered. The EURUSD has stalled at the 100 bar MA on the 4-hour chart earlier and has rebounded. The rebound took the price of 1.1780 to 1.1795, but the next test of MY led to the break and stops. The price has run from 1.17808 (100 bar MA on the 4 hours) to a low of 1.17653.
MY line is now resistance.
It’s Friday afternoon now. London, the traders are out for the week.
For the week, the 200 bar MA on the 4-hour chart and clearly was the ceiling (see red circle 1, 2 and 3). The price against the level three times.
The 1.17537-58 is a level to check the advance of the low for the week.
Taking a broader view of the 4-hour chart below, last week, the 50% of the move down from the September high won the rally. The 200 bar MA on the 4-hour chart and was also close to the high. Finally, the last week’s high was at least 3 pips, in June 2010 swing low. This is a key level.
This week, as it is specified above-by the same 200 bar MA held the rally three times. It was lower than last week, which makes the selllers look more anxious. Bearish.
Now, the 100 bar MA pause is to show the sellers are to go to a new level. Can he stay below? It is Friday and the market may waffle around. However, in the next few weeks of negotiation, we’ll see if the «market» can «keep the pressure on. If yes, The 1.1716-20 will be in the eyes first, followed by the October low.
We’ll see how aggressive the sellers want to be listening to the price action.