EURUSD moves below the 100 hour MA after better housing.

Technical Analysis

Author: Greg Michalowski | eurusd

A move below increases the bearishness of the pair

The EURUSD is breaking back below its 100 hour MA at the 1.23526 after the better than expected US housing starts/building permits data. The price is down sharply after rising to the highest level since March 28th earlier in the day. The next target on the hourly chart comes in at 1.23372. The 200 hour MA is below at 1.2323 currently and is another target.  

The best case scenario for the sellers is to stay below the broken 100 hour MA now and keep the downside momentum going.  


The pair is also back below  the 50% midpoint of the 3+ month trading range at 1.2354 (see chart below). The midpoint can be thought of a barometer for the bulls/bearish bias (roughly). Being below is more bearish.