EUR/USD: Market Searching For The Next Directional Move

The EURUSD has been trading above and below the 100 hour MA today in what was a symmetrical formation.  The move below and the move above were of nearly identical duration and movement (below and above the MA).  The price has moved back below the MA level in early NY trade. The moving average comes in at the 1.4927 level. This should lead to lower levels for the pair.

The low today, on the first break below, reached a low of 1.4888.  From there the market moved higher and extended the upside to the 1.4964 level.

The market is consolidating and with no economic data to lean on, the market will likely look to the stock and commodity markets for the clues.  The trading decision becomes if the price is below the MA then the bias is down.  Downside target will be the 200 hour MA at the 1.4870 level.  A move above the MA turns the bias to the upside.  The upside resistance would come in at 1.4942 (close from yesterday), the high for the day at 1.4964 and the 1.5000 area (of course).

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