200 hour MA at 1.08654 is close risk for shorts
The EURUSD ultimately tumbled lower after the German court decision muddy the water a bit for the ECB stimulus. Initially however the price did move higher and in doing so, moved above its 100 hour moving average at 1.09139. However the move was quickly reversed.
The price fell below its 200 hour moving average at 1.08654. That moving average is now close risk for shorts looking for the selling to continue.
The pair is consolidating between the low at 1.0824 and 4+ hour highs at 1.0855. The 1.0832-40 area (see red numbered circles)was a higher swing area going back to April 27 through April 30. A lower swing area (green numbered circles comes in at 1.08086 to 1.0815. The price has stalled between those levels. A move below would be more bearish for the pair today.
Sellers are in control below the 200 hour moving average at 1.08655. A move back above, and then back above the 50% at 1.08723 would muddy the bearish technical waters.
