The EURUSD has moved lower after the bad 10 year note auction. The tail came in at +3.7 basis points to the WI level. The international demand is weak.
The EURUSD has moved back down to the 100 hour moving average 1.05217. Earlier today, the price move briefly below that level, only to rotate back to the upside. The high off of the earlier session low, reached into the swing area between 1.0543 and 1.0549 (see green numbered circles).
The current price is back down at 1.0525. On a move back below the 100 hour moving average the pair would next target the rising 200 hour moving at 1.05058.
Recall from last Wednesday, the price tested the 200 hour moving average and bounced higher. Getting below it and staying below would increase the bearish bias and have traders looking toward the November highs between 1.04806 and 1.0496.
