200 hour moving average also in play at 1.20716
The EURUSD has extended the trading range to the downside on a break of the short-term for support between 1.20948 and 1.2100 (see earlier post).
The pair is now testing the 38.2% retracement at 1.20788. A upward sloping trendline cuts across at 1.2075. The 200 hour moving average comes in at 1.20716. A move below that cluster of support from 1.20716 to 1.20788 would be tilt the bias more to the downside with the 50% of the move up from the December 1 low as the next target at 1.20485.
