EURUSD backs away from 100 hour MA

The EURUSD was able to extend higher in the NY session and in doing so, reached to the targeted 100 hour MA and the 50% of the move down from the Feb 16 high. Those levels came in near 1.1247 to 1.1250. The high reached 1.12459, just below those levels and has rotated lower over the last hour or so of trading.

The price is currently trading at 1.1197. The 1.1185 and then 1.11659 levels are the next downside targets, followed by the low for the day at 1.11414. The low last week reached 1.11056. That low took out the low from January 28th and took the price to the lowest level since May/June 2020.

The holding of the 100 hour MA was significant. On Friday, that MA stalled the rally and it does it again today. If the technical bias is to change more in the direction of the upside, getting and staying above the 100 hour MA would be required.