The price action in the EURUSD today, saw a move lower on the reports of an Ukrainian "invasion" on a Russian separatist region in the Asian session.
The price quickly tumbled below its 100 hour moving average at 1.1353 area, but rebounded back higher, and a few hours later was retesting its falling 200 hour moving average (green line currently at 1.13874).
The sellers pushed away from that higher moving average (yesterday the 200 hour moving average also stalled the rise), and although the price dipped back below the 100 hour moving average subsequently, the break was again short-lived. The price of the EURUSD has settled between the 200 hour moving average above at 1.13874, and the 100 hour moving below at 1.1352 over the last five or six hours.
PS the 38.2% retracement of the move up from the January 28 below to the high reached in February is also near the 100 hour moving average currently.
The market is steady in the EURUSD. In addition to the Asian report, the pair also more recently weathered another report in the early North American session from the UN that there was an imminent threat of a Russian invasion.
The price did dip on the headlines, but it remains well above its aforementioned support against the 100 hour moving average.
Overall, the 100 hour moving average will continue to be a support target. If broken -and remain broken - the sellers would be more in control with a target of 1.13244 (low for the day) to 1.1329 area (low from the February 11th and also high from February 2). The 50% midpoint of the move up from the January 28 below comes in at 1.13075 and would be another downside target.
On the topside the 200 hour MA found willing sellers both yesterday and again today. If the price is to push higher, it would need a break above that MA to attract more confidence buying from the bulls. So far with that MA holding more consistently, the tilt is in favor of the sellers although the markets are trying to steady.
