In an earlier post, I spoke to the bounce higher in the EURUSD .
The price moved above its 100 hour moving average . However to be really convincing from a technical perspective, getting above the 200 hour moving average at 1.06181 was required.
As it played out, the swing low going back to February 17 stalled the rally, and the price over the last hour or so has rotated back to downside.
The low for the day at 1.0581 is currently being retested. That level comes between a swing area between 1.0576 and 1.0585.
Move below that area, and the low from yesterday near 1.0564 would be targeted. That is the last stop before the low price from Monday at 1.0532 (and the lowest price since January 6).
The buyers tried to correct the pair higher but the MAs did their job and stalled the rally. Sellers remain in firm control.
