EURUSD falls back to the 200 hour MA and bounces

The EURUSD has extended lower and in the process dip below the 100 hour moving average of 1.08434, and tested the 200 hour moving average 1.08323. The low price just reach 1.0836 and bounced back up to the 100 hour moving average.

Recall from last Friday, the price came down to test the 200 hour moving average and bounced. On Thursday, the price dipped modestly below that moving average line only to fail on the break and rotate back to the upside. The 200 hour moving average has been a important area for support buyers to lean against.

In the morning forex video, I looked at the EURUSD and other major currency pairs. You can watch that video by clicking here.