The EURUSD has moved below the 200 hour MA at 1.0349 area, and with the break is seeing the buyers turn more to sellers. The price has dipped briefly so far below the low from yesterday as well and the 61.8% of the move up from the November 21 swing low at 1.03267.
Sellers are making a play. The 200 hour MA is now risk. Stay below is more bearish in the short term at least.
On the downside, watch teh 1.0273 to 1.02918 as the next key target area (see red numbered circles). Move below it and the low from last week at 1.0222 would be eyed.
Yesterday, the price of the EURUSD moved to a new high for the month and high corrective price off the September low. That break extended above the November 15 high at 1.04817 to a new high at 1.0496, but momentum could not be sustained. The price also failed to extend to the 50% of the move down from the January 2022 high. That midpoint target comes in at 1.05155. If the buyers return, and move back above technical levels on the hourly chart, the 1.05155 midpoint level would be a key target to get to and through if the buyers are to assume more control from a longer-term technical perspective.
The price action today is also taken the EURUSD price back below the 200 day moving average. That moving average comes at 1.0378 (greenline in the chart below).
