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 www.forexlive.com. Source