EUR/USD tests its 100-hour moving average @ 1.1879
We are seeing price fall to a low of 1.1872 as sellers look to seize back some near-term control to get things started on the day. The euro is not helped by a push lower in EUR/GBP as the pair retreats after having failed to breach 0.8700 at the end of last week.
For now, EUR/USD still has some minor support closer to the Friday low @ 1.1867 but a break below the 100-hour moving average (red line) @ 1.1879 will not do buyers much good in trying to maintain a more bullish near-term bias to start the new week.
Further support is then seen closer to the swing region around 1.1861-64.
But looking over to EUR/GBP:
The pair is also facing a key test close to the swing region around 0.8640-45 upon the retreat from 0.8700. If buyers can keep above that, it will provide some additional support for the euro (negative for the pound) but a break below that will see sentiment turn the other way instead.
