EURUSD tests 200 hour MA and backs off.

The EURUSD could not take out the days low, so shorts covered. The price moved up to the 200 hour MA (green line in the chart above) at the 1.2262 and found 1st time sellers. The 100 hour MA is at 1.22415. This is now support.

Once again the chance for an move lower, ran out of steam. The market remains in the control of intraday swings. Neither the bulls nor the bears are able to push the market one way or the other with any conviction. Be patient for your levels. If you get good trade location, an extension of the weeks range (higher or lower) is still possible at some point. However, if technical targets in the direction of your trade are not breached, be ready for the reversals.

Short against the 200 hour MA have to see the price move back below the 100 hour MA, then the low/61.8% of the move up from the low last week at 1.0216-20. The trend line at 1.2202 is after that.

Buyers who are long from below, would need to see the price move above the 200 hour MA at the 1.2262 level. Above that 1.2277 and then the 1.2306 high for the day and the high from yesterday at 1.2316.

You have to be nimble and cautious but understand that someone (bulls or the bears) will win.