Stays below the 200 hour MA/50% retracement
The EURUSD is staying under wraps by the sellers. Today, the highs for the day tested the high from Friday and also found sellers near the falling 200 hour MA currently at 1.1583. The 50% retracement is also in play at 1.1584. The early European session high reached 1.1586 just a a few pips above the 50% retracement level (but below the 200 hour MA at the time).
The inability to sustain momentum and get above the aforementioned targets, sent the price back to the downside.
The price low today bottomed at 1.15516 in the late London morning session, and moved back higher to retest the 200 hour MA. Once again sellers leaned and kept the price below the level.
Currently the price is back down testing the 100 hour moving average at 1.15654.
The price moved above and below that moving average both today and on Friday. Nevertheless a move back below would tilt the bias more in the direction of the downside, especially after failing once again at the overhead resistance.
