On Friday, the 100 hour MA stalled the fall....TWICE
The EURUSD is starting the NY session (and the last 6 or so hours) by trading below the 100 hour MA (blue line currently at 1.19288). Bearish. Now to be fair, the price has traded above and below the MA over that time period AND the lows today are higher than Friday when the MA was lower and the price bounced on two separate occasions.
So there is some reluctance to the downside. However, the bias is more to the downside compared to Friday, when the MA found support buyers not just once, but twice.
The pair has also traded mostly below the 200 hour MA today (green line currently at 1.1945).
If the price can stay below those MAs today, the sellers would keep the technical control in the short term, with the low from Friday as the next target at 1.19093. Get below that, and the 1.1900 level opens up the door for the potential to move toward the swing area at 1.1964 to 1.1969.
Move back above the 200 hour MA, and the sellers seen today, will likely throw is the towel (or part of the towel at least) and look toward higher levels including the underside of the trend line at 1.1960 and the 50% at 1.19739 as the first topside steps.
