The EURUSD has been trading up and down today, consolidating the declines from yesterday’s trade that saw the pair moving below and away from the 200 hour MA (green line) at 1.1039 currently. The run to the downside yesterday also saw the price move and close below the 50% midpoint of the move up from the March 7 low. That level comes in at 1.09946.
The high today stalled comfortably below that 50% midpoint (the high reached 1.09878 vs 50% at 1.09946). On the downside, the EURUSD price has seen modest dips below a swing area between 1.09576 and 1.09675, but remains above the 61.8% at 1.09499. Getting below those levels and staying below would increase the bearish bias.
On the downside, the 1.0925 level followed by the 1.0899 level would be targets on a break.
On the topside a move above the 50% retracement and the broken trendline near 1.1000 would give the buyers more confidence for a potential move toward the 200 hour moving average once again at 1.1039 area.
