Cracks back below the 100 and 200 hour MAs
The EURUSD fell below the 100 hour MA (at 1.0442) and the 200 hour MA (at 1.0433) in earlier London/European trading and that turned the buyers to sellers/the bulls to bears. The price has since moved below the 50% of the move up from Dec 20 at 1.04252, and the 61.8% at 1.04079. The pair has prior swing lows to target now at 1.0381, 1.0366 and 1.03517.
Drilling down to the 5 minute chart, you can see the ebbs and flows around key levels (i.e. the break of the 1.0462 level, the stall and then fall away from the 100 and 200 hour MAs). The trend lower has been steady. The 38.2% to 50% of the last move down comes in at 1.0408-15. That might be eyed as resistance. Let me say, that on a correction, if the price cannot move above that retracement area, the buyers are not really taking back control. There is support below that may stall the fall though, but sellers remain in control.
