Forex technical analysis: EURUSD stalls fall at retracement/200 hour MA
Not a big range
The EURUSD has been on the defensive in trading today after testing the 50% of the move down from the Feb 2nd high at 1.06745 yesterday and in the quiet Asian Pacific trading.
The inability to go higher, led to the fall in the early European session. The fall took the price right down to he 38.2% of the same move lower and the 200 hour MA at the 1.0638 level. The low for the day reached 1.06367. The trading range is still only 39 pips for the day. The last 4-5 hours been confined to 20 pips. That is not a room to maneuver.
Looking at the hourly chart the 1.06566 area (give or take a few pips) has been home to some swing levels. Yesterday we moved above and below it. Today, we moved below and then retested it after the fall stalled at the 200 hour MA/38.2% retracement level. That is close resistance for sellers. A move above tips the scales more to the upside. The 50% becomes the next key target followed by the 100 bar MA on the 4-hour chart at 1.0688.
On the downside, obviously the break of the 200 hour MA and 38.2% should be move bearish with the 100 hour MA at 1.06128 the next target.