Rally today stalls at 38.2% retracement as well
The EURUSD moved higher starting in the Asia-Pacific session and continuing into the early European session. However, the price reached above the 200 hour MA currently at 1.13737, but stalled at the 100 hour MA (blue line in the chart below) and near the 38.2% retracement of last week’s move lower (at 1.1381). The price just moved to an early NY session low of 1.1354.
The price is currently trading at 1.1369. 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. Sellers against the area, however, would likely give up should there be a break above the key area (yellow area at 1.13737-1.1381). ForexLive