EURUSD now tests 200 hour MA target

Technical Analysis

Author: Greg Michalowski | eurusd

200 hour MA at 1.17969

The EURUSD has continued the move back to the downside with the price continuing to take out lower targets.  

200 hour MA at 1.17969
Looking at the 5 minute chart, the price moved below the 100 bar MA (blue line), the lower trend line and then the 200 bar MA as well (currently at 1.18249). The price stayed below those break level and the price explored the downside further.

The price has now reached the 200 hour MA at 1.17969 (see earlier post outlining the trade). 

Has the price gone enough?

You move from target to target. For shorts and dip buyers or those long already, this MA is the next key target. I would not be surprised to see buyers lean - risk is defined and limited. However, on a break, the pair may go all the way and return to the levels seen at the lows today and/or the 100 hour moving average. Those levels comes in at 1.1774 to 1.17764.  

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