EURUSD ticking below its 200 hour MA.
The EURUSD ticking below its 200 hour moving average currently at 1.1709. The pair is also testing its 38.2% retracement at 1.17042 and a swing low going back to July 28 at 1.16981. The control in the natural support at 1.1700 that is a level as well. The pair has not traded below its 200 hour moving average since July 10, when the price bottomed at 1.1254.
The high price from the trend move to the upside reached 1.1908 on Friday before rotating back to the downside and closing around its 100 hour moving average (blue line in the chart above).
Treasury looking for a break of the 1.1698 level with more acceptance and momentum. If done, the 50% retracement of the move up from the July 16 low currently comes in at 1.16413. Before that a brief swing low from July 27, might be a level to target.
Holding the cluster of support here would have traders looking toward the 1.1732 – 426 area. That was home to swung swing areas going back to July 27. A move back above that area would take some of the steam out of the downside seen in trading today and could see a rotation back up toward the 100 hour moving average (blue line).
