Traders will want to see the price remain below its 100 day moving average now
The EURUSD has cracked below the 100 day moving average at 1.1064 and extended lower. Looking at the hourly chart below with the overlay of the 100 day moving average, the price action has found buyers near that moving average level this week. On the initial fall today, the buyers lean against level once again and took the price back up toward the 100 hour moving average before rotating back to the downside.
The fall below the 100 day moving average is a key break. Traders will want to see the price remain below that level now. A move above muddies the water for the intraday bears.
On the downside the 50% retracement of the move up from last Friday's low comes in at 1.10482. The 200 hour moving average is just below that level (see green line in the chart above). A move below each would be another bearish move technically.
For the week, the low price came in on Monday at 1.10023. At 1.1060 currently, the price still remains some 58 pips above that week low despite the much better-than-expected jobs report today.
