EURUSD hangs above and below 100 day MA ahead of retail sales

Technical Analysis

Author: Greg Michalowski | eurusd

100 day MA at 1.12687

The EURUSD traded above its 100 day MA today until the last 4 or so hours. The price finally fell below and reached down tot he June 7 low.

EURUSD on the hourly chart.

As the market awaits the retail sales, the 100 day MA will be a barometer for the bulls and the bears.  

On a move above, the 200 hour MA (green line t 1.12855 will be the next upside target followed by the 100 hour MA at 1.1302 (a broken trend line is a few pips below that level).

On the downside, moving below the 1.12508 will next target will ebt he 1.12312 (50% of the move up from the May 30 low. 

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