That 100 day moving average has been a support level this week
The much stronger than expected US data sent the EURUSD tumbling lower. The price fell below its 100 hour moving average 1.1082, with the next stop being the 100 day moving average at 1.1065.
True to the price action this week, buyers stalled the fall near that 100 day moving average level. The 38.2% retracement of the move up from the low last Friday was also near that level I.10642. The low for the day has so far reached 1.10651.Technical bias are being true to the risk defining level. However should there be a break below, I would expect stops be triggered further downside momentum.
The price correction higher has taken the pair back up to the 100 hour moving average at 1.1082. Additional resistance comes in at 1.1089-924. Sellers should look to lean against this area if they are to keep control. A move above each would have people scratching their heads and could lead to a squeeze higher.
