The EURUSD moved lower in the early Asian session and in the process tested the 200 hour moving average 1.03537 currently (greenline in the chart above). The price dipped below that level on a number of hourly bars, but could not sustain momentum below that level. Sellers turned buyers once the price started trade more above its 100 hour moving average and back above its 100 day moving average. The 100 hour moving averages currently at 1.0378. The 200 day moving average is at 1.0383.
The run to the upside was one way with the price moving above the November 15 high at 1.04817 and moving to a high of 1.0496 just ahead of the natural resistance at 1.0500. The price has rotated back to the downside and is retesting a intraday support level at 1.0436 area. Move below could disappoint the buyers.
Looking at the daily chart, the run to the upside reached toward the 50% of the 2022 ranges at 1.05155. Getting to and through that level will be a key target that if broken, would increase the bullish bias.
On the downside on the daily chart, in addition to the 200 day MA, the swing area between 1.03485 to 1.03657 would increase the bearish bias on that chart.
Buyers are taking a shot. They need to stay above the 200 day MA.
PS. The EURUSD is moving to a new low and below the 1.0436 level taking some wind out of the move higher sails.
