Forex technical analysis: EURUSD back down testing the 100 day MA

From the 100 hour MA to the 100 day MA. Ping Ponging?

As per my earlier post, the EURUSD did find patient sellers at the 100 hour MA area/high for the day (at 1.1088-94 - the high reached 1/10907) and the price has indeed rotated back down to test the 100 day moving average at the 1.10377 level. The news from the ECB on haircuts on Greek collateral, has helped the bearish cause.

With the price testing the 100 day moving average now, traders will have to make up their minds whether they use the 100 day moving average as support, and take profit or push below the level and increase the bearish bias once again. Currently, traders are leaning against the level as risk can be defined and limited. A break below the 100 day MA should solicit stops on the break.