EURUSD rotates back toward 200 day MA

Technical Analysis

Author: Greg Michalowski | eurusd

The 200 day MA is at 1.1880

The EURUSD moved up to test a swing area between 1.19093 and 1.19149 going back to March 15 to March 23. On March 23, the price broke lower, and unlike the prior moves lower at the time, the break did not fail.  The price trended lower for 5 of the next 6 days, ending at 1.17035.  Today, the high moved up to test that area and sellers leaned. 

The 200 day MA is at 1.1880
The move lower has now taken the price back toward the 200 da MA at 1.1880 level. Also near that level is the 61.8% retracement at 1.18795.  Earlier in the NY session, there was a dip below the level but momentum dried up quickly, and the price rebounded higher.  

It will take a move back below area (and stay below) for the bias to tilt more to the downside again.  

Drilling to the 5 minute chart below, the price is trading between the 100/200 bar MA. The last dip into the area did find buyers.  Earlier dips did move below but not by much before the price rebounded.  The 200 bar MA comes in at the same level of the 200 hour MA.  Moving below increases the bearish corrective bias as a result.  

EURUSD on the 5 minute chart 

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