100/200 hour MA at 1.1810 area
The EURUSD extended above the November 5 high and a swing low from Monday's trading (before heading lower) at 1.18592. Also at the level sits a channel trend line. The break above failed, however, and sellers started to lean against the level (see red circle 4) before wandering back to the downside.
The move lower (from the highs for the day) chopped into the negative for the day and approached the converged 100/200 hour MAs at 1.1808-10 are. The low reached 1.18135. A move below those converged MAs (and staying below) is needed to tilt the bias more to the downside. Until then, the converged MAs provide low risk support for dip buyers.
If price moves higher, a break back above the 1.18342 to 1.18432 would give traders more confidence, followed by that 1.18592 swing level.
