The EURUSD has had another up-and-down trading day today. The move to the upside did take the price above its 200 day moving average at 1.08413 and 100 hour moving average currently at 1.0849, but the momentum could not be sustained and the price rotated to the downside. The buyers had their shot. They missed.
To go higher, the price will have to get above the 200-day moving average at 1.08413 and the 100-hour moving average at 1.0849. Absent that, and the buyers are simply not winning.
On the downside, the swing area between 1.08083 and 1.0824 are the next downside target followed by the 50% retracement of the move up from the October low. That level comes in at 1.07936.
This article was written by Greg Michalowski at www.forexlive.com. Source