Forex technical analysis: EURUSD moves back toward lows in up and down day

Technical Analysis

Author: Greg Michalowski | eurusd

EURGBP corrects

The EURUSD has moved back lower in an up and down day. The price closed at 1.1775.  We currently trade at 1.1773. 

The fall lower has taken the price back below the 200 and 100 hour MAs (green and blue lines in the chart above). Earlier in the London morning session, the pair based at the 100 hour MA (see blue line) before running higher.  

The fall back below the 100 hour MA (blue line) corresponded with a break below a trend line as well. That level at 1.17805 is now close risk for sellers. Stay below keeps the sellers satisfied. The low for the day at 1.1763 (that was near swing lows and highs earlier this week), is a key target on further selling. 

The fall lower has also corresponded with a move back down in the EURGBP. It is back down testing the 50%, the 100 bar MA on the 4-hour chart and a broken trend line at the 0.8832-35. Will the level hold?  It should attract buyers.

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