EURUSD retraces earlier declines. Resistance at last week's highs.

Technical Analysis

Author: Greg Michalowski | eurusd

Sessions low stalled near 100 hour moving average

The EURUSD after an earlier bounce in the Asian session, fell below the old high from last week at 1.1302 and continued the probe to the downside until reaching its 100 hour moving average (blue line in the chart below). 

Sessions low stalled near 100 hour moving average_
Traders did take the price below that moving average line but could not extend toward the next target at the 200 hour moving average  (green line in the chart above). The last 3 hours have seen the price rebound back to the upside. The pair has retraced around 50% of the move down today, but remains below the high from last week at 1.1302. That is the next topside resistance. Traders seem to be leaning against that level as what was support is now resistance (but look for more upside momentum if it's broken).

SUMMARY: The buyers took a shot to the upside yesterday, but the rally stalled (the high stalled just ahead of the June 23 high).  Today's shift back below the high from last week, changes the tune.   However, there are technical levels which are helping to define the range with the 100 hour MA as support below, and the high from last week as resistance above.
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