EUR/USD tests waters under 1.1000 as dollar keeps firmer to start the session

Technical Analysis

Author: Justin Low | eurusd

EUR/USD flirts with a firm break below the 1.1000 handle

EUR/USD D1 31-03
The pair fell in overnight trading to break below the 200-day MA (blue line) and kept lower to firmly break the 100-day MA (red line) as well in trading today.

That means the bias in the pair now turns back to being more bearish as sellers establish control by keeping below the key levels mentioned above, with support at the 1.1000 handle now being called into question.

The dollar is keeping firmer to start the European morning and that is seeing EUR/USD fall to 1.0990 while USD/JPY is up to 108.50 once again on the session.

For EUR/USD, a firm break below 1.1000 will open up the path for further downside as sellers will see more conviction to run price lower amid the change in technical bias.

Looking at the near-term chart in the pair:

EUR/USD H1 31-03
There is also the 100-hour MA (red line) currently @ 1.1003 that sellers need to keep below to break the near-term control held by buyers.

That will then allow sellers to explore more downside potential with further near-term support seen at 1.0954 before the 200-hour MA (blue line) comes into play @ 1.0877.

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