EURUSD chops back higher after buyers and sellers take their shots w/ neither hitting.

<p>The EURUSD buyers took the pair's price above its 100-hour moving average (blue line in the chart below) earlier today, but ran into resistance near a swing area between 1.0911 and 1.09179. When the price moved back below the 100-hour moving average 1.08876, that turned the bias back in favor of the sellers. However, since then there has been yet another move back above the 100-hour moving average and the price currently trades at 1.0900.</p><p>So traders can argue that the buyers had shot ABOVE the 100-hour moving average earlier today. They can also argue that the sellers had their shot on the break back BELOW the 100-hour moving average, and now the buyers are taking back control on the move back ABOVE the 100-hour moving average once again.</p><p>It's not a great day for breaks and run traders.</p><p>Nevertheless, traders that are true to their tools, in the short term at least, would have to put buyers back in control. with more "work" to do.</p><p>That "work" now includes:</p><ul><li>Getting back above the swing area between 1.0911 and 1.09179</li><li>Getting back above the falling 200 hour moving average 1.09237</li><li>Getting back above the 38.2% retracement of the move down from the August 10 high at 1.09276</li><li>Getting above the 100-day moving average at 1.09309</li><li>Getting above a swing area between 1.09329 and 1.09421</li></ul><p>That would be the progression for buyers if they are to start to take back more control.</p><p>Of course on the downside, falling back below the 100-hour moving average would be a no-no and frustrate the "break" traders once again. That's the risk of trading though. </p>

This article was written by Greg Michalowski at www.forexlive.com.