Can the buyers push off the level?
The EURUSD move higher into the New York session and above the 38.2% retracement of the last trend leg lower at 1.16356 (see earlier post). Traders tried twice to break above that target but each failed. The price has now rotated back down to retest its broken 100 hour moving average at 1.16149 (see blue line). There has been a very modest bounce off the MA.
The question now is can the buyers keep the price above and push back higher?
A failure would pushed price back into the 1.16016 to 1.16116 area. Recall from the earlier post that that area is home to the September and November 2020 swing lows (see daily chart below). A move below that area would be another confirmation of a more bearish bias.
For now, the support buyers are trying to hold the short term control against the 100 hour MA.
