The 200 day MA is at 1.10962
The EURUSD shot higher yesterday moving up to the highest level since January 7 (the high reached 1.1184). That high stalled near a swing area (up to 1.11803), and the price rotated lower. The EUR was the strongest of the major currencies yesterday. The price raced above and away from the 100 day MA at 1.10524 and the 200 day MA at 1.10962.
Today, the price has continued the corrective move lower and in the process is retesting the 200 day MA at 1.10962. That is also near the swing level from Feb 3rd at 1.10948. A move below should give sellers more ammunition for a further move lower. The broken 61.8% at 1.1062 and the 100 day MA at 1.10524 are lower targets.
Hold support and traders can shift the focus back to the upside.
On the trend lower from the February 3rd high, there was a string of 10 of 12 days lower. The run higher has seen the price move up 6 of the last 7 days higher. So, the bias can shift and trend the other way. So be aware.
