Below the 200 hour MA
The EURUSD is trading nears session lows and in the process is tesitng the week's lows from Monday and again yesterday. The Monday low reached 1.1111 (and bounced of the 100 hour MA). The low yesterday reached 1.11099. The lows reached in the last 2 hourly bars extended to 1.11094 (technically new lows for the week).
In the move lower the price has dipped back below its 200 hour moving average at 1.11201. If the sellers are to keep control, look for that close level to keep a lid on the pair. A move above would not be all that surprisiing given the up and down nature of the trading over the last day or so, but if it does stall rallies, we could see a run for the 1.1100 level and below.
