The EURUSD is moving back down to test the lows from earlier in the day. The low price just reached 0.99118. A move below the London morning session low of 0.9913. On the downside the rising 200 hour moving average comes in at 0.98995 (call it 0.9900). A swing area on the hourly chart comes in between is that level and 0.99258. The upper level is now a close risk level for sellers looking for more downside momentum.
Break below the 0.9900 level momentum would have traders looking toward the 30.2% retracement at 0.98799.
Taking a broader look at the daily chart, the rise last week saw the price moved above a downward sloping trendline. The push to the upside found sellers against its 100 day moving average on Wednesday and Thursday. Sellers leaned against that moving average level.
The prices now back down testing the underside of the broken trend line increasing the areas importance from a technical perspective on the daily chart as well. Move below would be more bearish..
