Back down testing the 100 hour MA now
At the start of the the day, the EURUSD tested the 100, then pushed through. The 50% of the move down from last weeks high at 1.0586, and then the 200 hour MA at 1.0593 were the next targets. The price made it to and even through both. The high reached 1.05948, but that was it. We are now seeing a retest of the 100 hour MA at 1.05733. The battle between the MA lines continues.
The pairs test and break of the 200 hour MA above could not make any hay on that break. So traders use the failure to take some profits and start the battle between the two MA levels.
PS the range for the day is now 58 pips. The 22 day average is 79 pips. So there is room to go test 1.06079 area on a break higher (61.8% and near lows from Monday).
PSS A move below the 100 hour MA would be a disappointment for buyers.
