EURUSD falls corrects above 200 hour MA, but moves back below in early NA trade
The 200 hour MA comes in at 1.16224
The EURUSD fell sharply yesterday, but rebounded into the US close. The corrective high stalled the just ahead of swing levels from last week (and the week before) between 1.16165 and 1.16238.
In trading today after a rotation back toward the lows from yesterday, the price moved higher in the European session and was able to extend (and move briefly above) into that range. The high also reached above its 200 hour moving average at 1.16224. The price reached 1.1625. The price has backed off and currently trades at 1.1619.
There should be resistance between the 1.16165 and 1.16238 area off the back of the selling yesterday, and if the sellers are to remain in control. A move above would still have to contend with the 100 hour moving average at 1.1632, but it would still weaken the sellers advantage. On the downside moving back below the 1.1606 and 1.1600 level will have traders pushing down toward the low from yesterday and also support between 1.1583 and 1.1586.