EURUSD tries to stay below 200 day MA/200 hour MA
The EURUSD moved lower yesterday, moving below its 100 hour MA (blue line ) in the process. The momentum continued today with the pair moving below the 50% of the move up from the December 20 low at 1.1152 and a lower trend line (currently at 1.1152) .
The next targets were the 200 day MA, and 200 hour MA at 1.1141 area and the 61.8% retracement at 1.11317. Each were broken as well. The low price stalled at 1.11243.
The price action over the last 3 hours has seen moves above and below the 200 day moving average and 200 hour moving average at the 1.1141 area. The market is in a battle around the MAs but below the 50% and the topside trend line at 1.11522. Stay below that level, keeps the bias tilt to the downside. A move back above that level would muddy the bearish waters and give the buyers a win.
On the downside, get back below the 61.8% retracement and stay below that level would give the sellers more confidence for further probing to the downside.
So watch 1.11522 above and down a move lower look for more momentum below the 61.8% retracement at 1.11317. In between, traders battle.
