200 day MA at 1.10977.
The EURUSD is making new lows and in the process is testing/dipping below its 200 day moving average at 1.10977. The low price just reached 1.10937.
That low is still above the lows for the day. In the Asian session the price opened right near its 100 day moving average at 1.10638 and bounced. Later in the session, the low reached 1.10839, and bounced.
The high price today found a key intraday technical level against the 100 hour moving average (blue line in the chart above). That ceiling gave sellers the go ahead to push the price back to the downside. Now we retest the key daily moving average.
Should there be a break below, traders will look back down toward the aforementioned 100 day day moving average at 1.10638. (near the opening and low level today). Last Thursday and Friday, the price action did fall below that level on 5 separate hourly bars (with a low of 1.10536). However momentum to the downside could not be sustained (no closes below the level) and the price rebounded back higher.
