Can it break and look toward the 200 hour MA?
The EURUSD has traded marginally below the 100 hour MA (blue line) over the last 6 trading hours. The MA comes in at 1.1848. There have been little peeks below the rising moving average but not a lot of momentum selling.
On the topside, the pair has had trouble moving higher as well. The high since the bottom has moved to 1.18544. The price has also stayed below the close from yesterday at 1.1863. There is a modest negative bias, but can the price momentum take the price further lower?
The next target on more downside would look toward the 200 hour MA at 1.18314. That MA stalled the pair on Monday. A move below that level would open the downside for more momentum (1.1809 would be the next target).
Is it time for a bigger downside run?