There was a failed run below on the Eurogroup failures but prices recovered.
The EURUSD fell from around 1.0880 to 1.0830 after the headlines that the Eurogroup had failed to reach consensus on funding the coronavirus stimulus. On the move lower, the price fell below its 100 hour moving average at 1.08384 currently. However, that break failed and shorts covered. The 100 hour moving average remains as a bias level on the downside. Move below- and stay below- would be more bearish. Stay above and the buyers have some leverage.
The pair is still down on the day by about 16 pips at 1.0875 (closed at 1.0891). On the topside, there is a swing area at 1.0887 to 1.09024 (see green numbered circles) although the price waffled above and below that area during the New York session yesterday.
The 38.2% retracement comes in at 1.0912. It was broken briefly yesterday but failed. The 200 hour moving average comes in at 1.0924 and moving lower. That moving average remains as a topside hurdle if the buyers are to take more control.
For now the price is lower on the day but off support. The market is trying to find its way but is still on short of the next momentum move.
