EUR/USD runs into test of 100-hour moving average, backs off a little

Can sellers retain the near-term bearish bias?

The dollar is unable to get off the floor so far today and with that, EUR/USD has now moved up to test the 100-hour MA (red line) @ 1.1363. The high today reached 1.1365 but upon testing the key level above, price has backed off a little now to trade near 1.1350.

For sellers, holding the level is crucial as it will help to retain the near-term bearish bias. But with the dollar this heavily pressured, it's hard to see things turn around completely right now. The dollar is also facing crucial tests of key levels against other major currencies with AUD/USD testing the resistance swing region at 0.7150 and NZD/USD testing the 0.6600 handle.

If those levels start breaking in a move against the dollar, expect price to run further as the squeeze continues.