Dipping back below the 100 hour MA
The EURUSD has been trading above and below the 100 hour MA in trading today.
The price of the pair started the day below the 100 hour MA after rising toward that MA on Friday and finding sellers ahead of the MA level (see red number circle 9).
However, in the European session, the price moved up - and through - the 100 hour MA on its way to a high of 1.18801. That high stalled near a swing area going back to June 18 between 1.1871 to 1.1881 (see yellow area and the red numbered circles). The 38.2% retracement of the move down from the June 25 high came in at 1.18708.
The price has rotated lower and currently trades back below the 100 hour MA, but only by a few pips. Nevertheless, the buyers made a play. The buyers are running out of momentum technically. The buyers need to reprove that they can send the price back above the MA and the swing area (at 1.1880). Ultimately, the 200 hour MA would also need to be broken at 1.18979 if the buyers are to show they can take back more control.
On the downside, the 1.1884 to 1.18907 is a target area (see green numbered circles) that if broken would tilt the bias more to the downside for the pair with the low from Thursday at 1.1837, followed by the low from the post employment at 1.18065 the next key targets.
