Back lower on the day

The EURUSD rose in sympathy with the GBPUSD and like that pair, the price made some bullish overtures, but when the dust settled, the pair stalled ahead of the 38.2%, and retraced back below broken levels (including a downward sloping trend line and 100 hour MA - blue line in chart below).

Back lower on the day

The price is back below an old swing level, that over the last few days has been partly ignored. Nevertheless, keep an eye on 1.1164-67 area for intraday bias clues now. In reality, the 100 hour MA is probably a better upper target (it is moving down but currently at 1.1174). That MA held resistance on May 15 and May 16 (give or take a few pips). The move above today stayed above for about 30 minutes before the rug was pulled out from it (see 5-minute chart below).

On the downside, the low today reached 1.11414. That still short of a lower trend line at 1.1138 (but close enough). That trend line is moving lowerm and is at 1.1134 currently. If the sellers keep a lid on the pair, that line will be a target (see green circled numbers).

Drilling to the intraday 5-minute chart, there is an interesting technical hold on the downside. Looking at the chart below, the fall off the high did stall ahead of the 200 bar MA (green line) and the 100 bar MA (currently at 1.11558 and 1.11549 respectively).

Dip buyers might look at that level for support. If so, also watch the 50% of the day's range and close from yesterday at 1.11644 as a target to get above. Then the 100 hour MA will come into play at 1.11742. That is the dip buying plan for traders looking for a bounce now.......

EURUSD on the 5 minute stallled at the 200 bar MA....