The dip below the 200 hour MA and 50% finds buyers at the 200 day MA
The EURUSD was able to test and move below the 200 hour MA (green line at 1.11635) earlier in the NY session (see earlier post) and then the 50% at 1.11522. Sellers in control.
However, the pair is finding some buyers against its 200 day moving average at 1.11395 on the first test.
Last week, the price moved below the both the 200 hour moving average and 200 day moving average (back on January 3) on it's way to a low at 1.11243. Another move below should tilt the bias more to the downside with the 61.8% retracement 1.11317 and the low from last week at 1.11243 the next downside targets for the pair.
On the rebound the 50% retracement level becomes close risk. More conservative risk is at the 200 hour moving average at 1.11635. Stay below and the bears remain in control.
