EURUSD moves back toward the 100 hour MA

Technical Analysis

Author: Greg Michalowski | eurusd

Tests 100 hour MA

The EURUSD has moved back toward the 100 hour MA at 1.12695. Earlier in the day, the price dipped below that level only to fail and run up toward the 1.1302 area.  Sellers came in near that level.

Now the price is retesting that moving average level. Below it sits a upward sloping trend line currently at 1.1258 and below that the 200 hour moving average at 1.12495. The price moved above the 200 hour moving average early on Mondays trade and trended higher.

As the EURUSD moves lower, so to are the major stock indices. The Dow industrial average moved down around 400 points. The NASDAQ index is picking up steep to the downside and trades at -84 points or -0.80% at 10350. The S&P index is also trading to new lows at 3143 down around 36 points or -1.10 percent.

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