Backs further away from the 100 and 200 hour MA after tests stalled
The EURUSD has moved to new London/Europe/NY session lows and in the process, further away from the tested 100 and 200 hour MAs from earlier today. ECB Draghi comments (click here) have not been supportive for the pair.
Technically, as posted earlier, the pair rose to the 100 hour MA (blue line in the chart above), and 38.2% (near 1.3181) and stalled. The subsequent fall took the price back below the 200 hour MA (green line in the chart above – currently at 1.31758).
In my earlier words:
The 200 hour MA at 1.13737 and the 100 hour MA/38.2% come in at 1.1381. They should still give traders cause for pause on a test. If the sellers can hold the resistance levels for a second time today, it would shift the bias back lower.
Well….the sellers held the 200 hour MA. The price has come back down.
The pair is moving back toward a lower trend line on the hourly at the 1.1330 level. Look for buyers on a test of that line. If broken, the low for the day at 1.1325 and then the low from November 16 at 1.1321 will be eyed, followed by the 61.8% of the move up from the November 13 low at 1.13132.
What was a strong up day into the London session, has turned to a up and down day as the London day looks to end. Buyers turned to sellers.
Technicals played a part at the 100 and 200 hour MAs. The trend line below should be eyed next.