EURUSD dips below 200 hour MA for 2nd time today

Technical Analysis

Author: Greg Michalowski | eurusd

Has to stay below to keep the sellers charging


Has to stay below to keep the sellers charging
The EURUSD has dipped back below the 200 hour MA for the 2nd time today at 1.11750. Earlier today, the price dipped quickly below the line, but rebounded.  The corrective high stalled ahead of the 100 hour MA (blue line).  

The next target area is the 1.1162 to 1.1167 area. That is home to swing areas, and the 38.2% retracement.  The price has been above that area since August 5th.  

Earlier at the day's highs,  the 100 day MA was busted once again (for the 5th day out of 6th) and for the 5th time, the break failed.  Is it time to move away from the 100 day MA for good?  Putting it another way, is it time to get outside the up and down range from 1.1162 to 1.12489?

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