100 hour MA at 1.21057
It is Friday before a holiday weekend in the US. So price action can be choppy as traders look toward the weekend. Nevertheless, the EURUSD is making new session lows and in the process has broken below its 100 hour moving average for the 1st time this week. That moving average currently comes in at 1.21057. Stay below keeps the bears in control at least intraday.
Recall from Monday, the low for the day and the low for the week, found dip buyers ahead of that moving average level. The pair had moved above on the employment day a week ago.
The next target comes against a swing area between 1.20802 and 1.20865. The 38.2% retracement of the move up from the employment date low on February 5 comes in at 1.20736 and the 200 hour moving average comes in at 1.20606.
For the trading week, the pair close at 1.2041 last Friday. As mentioned the low as Monday at 1.20196. The high reached 1.21490 in trading yesterday. That was just below a swing area starting at 1.21507. The price action is close to mirroring the price action last week where the EURUSD fell into Friday and then rebounded. This week, the price rose with the high on Thursday, and is falling today.
