The test of the 200 hour MA and 61.8% of the range this week stalled on the test
The EURUSD tested the 200 hour MA and 61.8% of the weeks trading range at 1.24059-072. The low reached 1.24111. Buyers leaned on the first look. The price has not traded below the 200 hour MA since January 11th. That could give traders cause for pause, as a move below changes that bullish trend. However, a break below will shift the bias more bearish.
The move lower did move below the 100 hour MA and the 50% at 1.2429 area. Staying below will keep the pressure on the pair and the chance for another test of the 200 hour MA.
ON a move/break lower, the 1.23837 lows from Wednesday and Thursday are certainly a doable target. If there is more of a melt-up in the US dollar today, the 1.23339 low for the week becomes the focus. Why not? It was good enough on Monday and the data was strong enough too.
