Buyers above the MA give up on the first look above
The EURUSD moved back above the 100 day MA for the first time since March 4th. That MA comes in at 1.20542 (off the bid side of the market). The high for the day reached 1.20793, but ran out of steam and fell in the London session. The price is currently breaking to a new day low down to 1.20257. The Asian session low reached 1.20304.
Looking at the 4-hour chart below, the pair also moved back below the 61.8% at 1.20365 and moved to test a swing area between 1.2019 to 1.20275. Yesterday, the price cracked above that level, got close t the 100 hour MA but retraced back to the swing area. The price did fall below the level but not for long. So far, the low has found some dip buyers in the area. If the price moves below - and shows some downward momentum on the break - we could see more buyers turn to sellers on the failed break of the 100 day MA, the 61.8% AND this swing area. That would hurt the technical picture.