The EURUSD moved higher today after bottoming near the top of a swing area between 1.1226 and 1.1233. The high price was able to extend above its 100 and 200 hour moving averages, but found willing sellers near the 50% midpoint of the range since the November 30 high. That level comes in at 1.13015. The high price today reached 1.1303. The price has since moved down and has now broken below both the 200 and 100 hour moving averages.
The 200 hour moving average comes in at 1.12927. The 100 hour moving average comes in at 1.12848. The shift back below the moving average has now tilted the bias more in the direction of the sellers. Close risk is the 200 hour moving average at 1.12927. Stay below and the sellers remain in control. The next target comes in at the swing area between 1.1259 and 1.12658.
