The 200 hour moving average and 38.2% retracement hold support on the 1st test
The EURUSD was mired in a 30 pip trading range with the 100 hour moving average providing some support.
That moving average was broken with momentum as was the upward sloping trendline at 1.17474. That open the door for a run toward the 38.2% retracement and 200 hour moving average between 1.1732 and 1.1734 (see earlier post). The price found support buyers against that level and is rebounding back toward the broken trend line.
If the price can stay below that trend line, the bears would remain in firm control. A move back above the 100 hour moving average and all bets are off on a downside run.
