EURUSD dips back below 100/200 hour MA.
In the earlier video, I spoke to the 100/200 hour MAs as being key barometers for the short term bias in the EURUSD (see video here). As long as the price remained above the moving averages, the bias was bullish. A move below and the bias would shift back to the downside.
The EURUSD has now fallen back below the 100 and 200 hour moving averages after a “try” to the upside has run out of steam. The bias shifts in favor of the bears once again.
The 100 hour moving average comes in at 1.10298. The 200 hour moving average comes in at 1.10216. In the European session, the price low came down to test the 200 hour moving average, but quickly rebounded. The early US session was found support ahead of its 100 hour moving average until the recent break.
On the downside the next target comes against the swing area between 1.0998 and 1.10068 (see red numbered circles and yellow area). A move below that area would open the door for the pair to look toward the Thursday and Friday lows. On Thursday the low price came in at 1.09853. On Friday, the low stalled just ahead the key swing area between 1.09618 and 1.09653. The low price reached 1.0966 (one pip ahead of the high of the key swing area (see blue numbered circles on the chart above.