Break to the upside fails
The EURUSD and move lower after the retail sales report. The EURGBP is also pushing back to the downside after earlier gains.
Looking at the hourly chart, the price of the pair broke above a topside trendline in the 200 and 100 hour MAs after waffling up and down for most of Monday’s trade. That should have led to a break to the upside with more upside momentum. However, the price has since moved back below the 100 hour moving average, the broken trendline and tested the 200 hour MA.
The price currently trades between the 100 hour moving average above at 1.19379 and the 200 hour moving average below 1.19273 as traders await the next shove.
On a break lower, the 1.19093 to 1.1913 area will be targeted. That area stalled the fall over the last three trading days.
Buyers had their shot. Is it the sellers turned now