EURUSD moves lower after ECB rate decision and in the process falls below the 200 day MA

The EURUSD moved lower on the back of the ECB rate decision and the press conference from ECBs Lagarde. In the process, the pair moved below the 200-day MA at 1.08432 and toward a key swing between 1.08038 to 1.08243.

Move below that level and traders will be looking toward the 50% of the move up from the October low. That level comes in at 1.07936.

After that, the 100-day MA is another key target. That level comes in at 1.07687.

What would hurt the bearish bias?

A move back above the 200 day MA would disappoint the sellers on the break.

Sellers making a play for the 2nd time this week. Can they keep the momentum going?

This article was written by Greg Michalowski at Source