EURUSD sellers into the London fixing | Forexlive

The EURUSD moved higher and above the 200 hour MA this morning and also extended above the 38.2% of the move down from the February 14 high at 1.06358.

However despite the breaks (recall also the 200 hour MA stalled the rally last week), the buyers were overwhelmed by the sellers.

Month end? London fixing?

Both could have been in play on the selling along with the disappointment from the failed break. The buyers had their shot. They missed.

The downside target will now be the 100 hour MA if the price can stay below the 200 hour MA. Having said that, earlier today the sellers DID take the price below that MA only to have it’s own failure after reaching into a swing area between 1.0576 to 1.0585.

So their is the lingering impact of failures on the bottom and topside today. That is indicative of a market that is unsure of the next move.

Wait for the next shove?

IN the meantime, look for the MAs above and below to have traders leaning.