The EURUSD made a move back above its 100 hour moving average in the late Asian session, and held above that level for the most part since breaking that target.
Later, in the London morning session, the price extended even higher and rose above its next key target at the 200 hour moving average. That break was the first time since April 14 (a failed break).
The EURUSD price moved up to test a swing area near 1.0863 and 1.08728, and found willing sellers on the first test. The price has since dipped back below the 200 hour moving average to retest swing highs from Friday, Monday, and earlier today near 1.08205. That level has so far held support which eased some of the disappointment on the failed break of the 200 hour moving average (at least for now). However, it would now take a move back above the 200 hour moving average with momentum to give the short term buyers some added hope.
Absent that, and a rotation back toward the 100 hour moving average is not out of the question.
Overall, the bias is still more to the downside (the price low did reach the lowest level since end of April 2020 last week), but getting above the moving averages would give some hope for corrective action that could eventually see a move toward the 38.2% retracement of the last move down from the March 31 high at 1.0920 as a potential upside target. That level was near the swing high from last Thursday as well, and would be the minimum retracement target to get to and through if the buyers are to be taken more seriously in this currency pair.
