The 100 hour MA is at 1.21987.
The EURUSD moved down over the last few hours of trading after falling short of the high for the week at 1.22448. Remember that 1.22424 was the high from February 25. That level was breached on Tuesday but only by 2 pips or so (see daily chart below).
The high today stalled at 1.22393 just short of those levels. Sellers leaned as risk could be defined and limited against the levels. The price ultimately moved lower. Needless to say, the level is now entrenched as a key level going forward. Put that away for another day down the road (or maybe today. We will see).
Looking at the hourly chart above, the fall fell below the 100 hour MA (blue line currently at 1.21987) and moved to a key swing ceiling going back to May 10 and May 11 between 1.2176 and 1.2181. The low reached 1.21777 and bounced (store that level as well for the future).
Support held and now the price has rebounded back up to retest the 100 hour MA. That level (up to 1.2200) will now be a bias defining level for traders intraday. If sellers stall the rally, a move back toward the 1.2176 level may be in the cards. Move above, and the dip buyers against the lower swing area should be rewarded with momentum higher (although we have seen the reluctance against the 1.2242 area this week).
Some key levels have been defined and refined today for the day and for the near future. Knowing them will work in your trading favor.
