The EURUSD buying seen earlier in the day has stalled and in the process, the price has now rotated back below the 200-day moving average at 1.08252. Moving back below the moving average is a disappointment for the buyers on the break.
The decline has but the price of the EURUSD between its 100-day moving average at 1.0792 and the aforementioned 200-day moving average that 1.08252.
Outside of those “day moving averages”, sits the 100 bar moving average on the 4-hour chart at 1.07807, and the 200 bar moving average on the 4-hour chart at 1.08453.
Ultimately getting outside of that range of moving averages would either increase the bullish bias on a break to the upside (above 1.08252 and 1.08453), or the bearish buyers on a break to the downside (below 1.07926 and 1.07807)
This article was written by Greg Michalowski at www.forexlive.com. Source