The EURUSD is back below the 100 hour MA and trades toward the rising 200 hour MA at 1.08642. The low price just reached 1.0867 just above that moving average level.
Recall that the price fell below the 200 hour MA on Friday, but stalled just ahead of the low from last week (Tuesday) at 1.08345. The low on Friday reached 1.08372 before rotating back to the upside.
Earlier today, the price dipped below the 200 hour moving average reaching a low of 1.08523 but once again could not sustain momentum and rebounded back to the upside.
While there is a floor near the loafer on Friday and last Monday near 1.08345. There is also a ceiling near the recent highs near 1.09288. In between sets the moving averages which act as a barometer between the up-and-down floor and ceiling..
Taking a broader look at the daily chart below, the swing lows and highs going back to March and April of last year stalled between 1.0935 and 1.0943. As mentioned above, the high price from last week reached 1.09288 – just short of that swing area on the daily chart. Sellers leaned ahead of that target, and the area remains a key area needed to be broken to increase the bullish bias going forward.
