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EURUSD dips back toward the 100 hour MA and retracement target


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The 100 hour MA and 38.2% comes in at 1.13738-77

The EURUSD rebounded higher over the last few hours (see the 5-minute chart below) but has started to move back down and looks to test the day’s lows at 1.13829.  The correction higher could not get to the 38.2% of the day’s trading range.  That helped to keep the sellers in charge.  

The fall back down, has the pair approaching the 100 hour MA at 1.13769 and the 38.2% of the move up from the November 12th low at 1.13738.  That area will be a bias level  for the sellers and buyers.  Move below is more bearish.  Stay above and the correction off the high is just a modest correction and I would expect the sellers to give up.

For the time being though  with the price trend lower, the correction off the low modest, the sellers have the upper hand.  We will see if they can push through the support target. 
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