Yesterday's break lower sent the pair lower
The EURUSD is back up retesting its 200 hour MA at 1.16937 (green line in the chart below). Earlier in the day the price tested that level and stalled. Yesterday that MA was broken and the price scooted lower. Sellers seem to be leaning once again.
Also in play, is the underside of the broken trend line (is it the neckline of a Head and Shoulder too?) . Yesterday, it too was tested, then broken and it helped to turn the bias lower.
This is one of those tests for the market.
Was the selling yesterday and into today for "real", or did the test of the 50% midpoint do it for the downside. There definitely was buyers who happily bought on that failed break today. Will those buyers take it further?
So far the sellers are leaning, but they can easily give up on breaks above the 200 and then underside of the trend line.
