Yesterday, the EURUSD fell below the 200 hour MA but fall stalled
The EURUSD is trying what trading life is below the the 200 hour MA....again.
Recall from yesterday, the price fell below that moving average for the 1st time since July 10. That break was short-lived. The price rebounded higher.
The move back to the upside was able to get above its 100 hour moving average at 1.17862 currently (blue line) only to run into swing highs from July 29 and July 30 around the 1.1805-09. The last 3-4 hours have been to the downside with the price falling below the lower moving average at 1.17327. This is the 2nd time. Will the sellers keep the pressure on?
IF the price can keep the downside probing going, the 38.2% retracement of the move up from the July 16 low comes in at 1.17042. The low from yesterday, and swing lows going back to July 28 comes in between 1.1695 and the 38.2% retracement level. That area between 1.1695 and 1.17042 is the next hurdle to get to and through. PS it also would break the neckline of what looks like a drawn out head and shoulders formation.
For close risk watch the 1.17426 level now. That is the high of swing levels going back to July 27 (see blue numbered circles). A move above that level - after failing on the break of the 200 hour moving average - should bother the intraday shorts (on the failed break) and give dip buyers some upside confidence.
