Retraces much of the gains from yesterday

The EURUSD raced up from about the 1.1163 level yesterday (in the late Asian/early European session). The price extended up through the 100 hour MA (blue line) and spent the NY session trading above and below that MA line (currently at 1.11845).

Retraces much of the gains from yesterday

Today, traders tried to push the price higher and away from the MA line but ultimately failed. The price waffled above the 38.2% retracement level at 1.11726 (below), and near the moving average line (above), but has dipped even lower over the last 4 hours of trading.

In the process of moving lower, the pair is looking toward (and testing now) the 200 hour MA at 1.1163. That was where it all started higher yesterday. A move below should solicit more selling.

Last week, the price did fall below that MA line (at a lower level). It also fell below the 200 day MA around the same level.

The 200 hour MA is higher today (at 1.1163) then it was last week. The 200 day MA is still near the level from last week and is now a target at 1.11396. Before that target, the 50% retracement of the move up from the Dec 20 low comes in at 1.11522 and would be an interim target to get to and through.