Trend line, 100 day MA and 50% retracement
The EURUSD is higher on the day but is running into some overhead resistance at a downward sloping trend line (at 1.1357), and 100 day MA (at 1.1163). As if that is not enough, the 50% of the move down from the January high comes in at 1.1372.
As I type we are already seeing the sellers take the price away from that cluster of resistance. Looking at the hourly chart below, the price is moving back away from the overlay of the 100 day MA and looks toward a lower trend line and swing area in the 1.1338-43 area. The swing area was broken yesterday, but the trend line did stall the fall. Today, both those technical tools are in the same area. The decision is therefore more binary.... Stay above keeps the bulls in control. Move below, puts the bears more in control.
For EURUSD bulls, that is a level to lean against on a test. The hope is the bounce is able to eventually get above the 100 day MA and the 50% retracement which opens up the upside for the pair.
Bears who sold against the 100 day MA, would love to see that area broken with the next target at the 100 hour MA at 1.13245 today.