The EURUSD sellers are making a play as the price trades back below the 200 hour MA at 1.12928. The move comes with help from some dollar buying coming into the forex fixing in London. The dollar is making new US or day session highs versus the GBP, JPY, CHF, and NZD in the current hourly bar.
Looking at the hourly chart of the EURUSD above, the 200 hour moving average comes in at 1.12828. The price fell below that moving average line during Friday's volatile US jobs trading, but quickly rebounded. Earlier today, the price also dipped below the moving average line only to fail a short time later.
This is the third break. Will it "be the charm"?
Traders will now use the moving average as a risk defining level. The low price from last Monday's trade reach 1.12574. The low price from Tuesday's trade extended to 1.12335. That was just above a swing area near 1.12283.
