The EURUSD has moved to a new session low, and in the process, the pair moved to a new low going back to August 13 and through the 61.8% of the move up from the August 1 low at 1.0944, and a swing area between 1.09419 to 1.0949. The low reached 1.09388.
However, what looms below that swing area and retracement level is its 100 day MA at 1.09322, and that level was not broken.
The price has pushed back higher and threatens a shift back to the upside on the inability to keep the selling going through the 100-day MA.
Resistance against the 50% kept a lid on the pair yesterday. The 61.8% was broken today, but the 100-day MA was not. Sellers hold most of the bias, but dip buyers can also claim that the 100-day MA is a low-risk level to stick a toe in the water.
This article was written by Greg Michalowski at www.forexlive.com. Source