Trend line and 200 hour MA are another downside target on more weakness
The EURUSD has been consolidating above and below its 100 hour moving average over most of the London morning session and now into the NY session. The 100 hour moving average comes in at 1.1787. The pair is moving lower in the last few minutes and tests the low for the day at 1.17775.
A move below that low has other support targets not far away. A rising trend line cuts across at 1.1772 and the rising 200 hour moving average comes in at 1.17677. That cluster of support targets between 1.1767 and 1.17775, will all need to be broken to tilt the bias more to the downside for the GBPUSD. Failure to do that, and the move lower today is simply a corrective move, in a more bullish market.
On the topside, given the test of the low for the day, a move back above the 100 hour moving average with momentum is likely all that is needed to turn to sellers into buyers.
The choppy price action has traders looking for a trend like move (i.e., non trend to trend). The sellers are making a play right now. If they can't push further and at least make a play toward breaking the support cluster, then they are not winning. Move below, and the sellers and they are winning (more).
