Bias could be shifting on the failure above the 100 day MA
The EURUSD has just dipped back below the 100 day MA at the 1.11324 level. The price moved above that MA on Friday, stayed above yesterday. Today, the price action took the price to the MA and bounced, but this test is seeing the sellers pushing the price through.
The 100 hour MA is lagging just below the key day MA at the 1.11238. A move below that MA would give the sellers more confidence in the downside. The low from Friday came in at 1.1114 below that and traders will be looking toward the 38.2% retracement of the move up from the October 8 low at 1.10877.
Key tests for the pair as the breaks from last week, show some signs of tiring.
Looking at the daily chart below, the high from yesterday stalled in an old swing area int he 1.1174-86 area and fell short of the 200 day MA above. Today, the price fell back below the 50% of the move down from the June high at 1.1145. That too is a tilt more to the downside technically.
It will now take a move back above the 100 day moving average, to get the buyers fully back on board.
