Trend line and 200 hour MA stalls rally
The EURUSD is dipping back below the 100 hour MA after stalling against topside trend line and the 200 hour MA at 1.17503 level. The 100 hour MA is at 1.1738 and will be now eyed as resistance after the failure to march higher after the break(s) today. The price has not traded above the 200 hour MA since September 22nd.
The 1.1716-20 will now be eyed as the support target That level was home to swing lows today and on Friday. Going back to Sept 27 and 28th, there ware a couple lows in that area too. On Thursday and Friday, the price moved below that area but rebounded after the US employment report on Friday. A move below that level would have the pair moving toward the 1.1700 level. There is a lot of option expires at that level (1.56 bln) which would likely stall a fall on a quick tumble. The options will expire at 10 AM ET.
