Rising 100 hour MA at 1.12563
The EURUSD has traded up and down today. With the low extended below a trendline on the hourly chart but saw the price bounce higher off the 38.2% of the move up from a swing low on May 29 and the 61.8% off the move up from last Thursday's swing low. Those levels come in at 1.1268 area. The low today reached 1.1267.
The pair also stalled ahead of the rising 100 hour MA at 1.12563.
Before Friday, the EURUSD risen by 8 straight days (Friday's decline stopped that string) and the price has been above that 100 hour MA since May 26th ( in the 10th day). A move below would weaken the technical picture and could see more downside probing.
For now however, the price is rebounding off the lows with the pair currently trading just above the 1.1300 level.
On the topside watch the 1.1312 – 1.1319 area. A move above would tilt the bias more to the upside as the market consolidates.
