EURUSD sniffs key support near 100 day MA and 50% retracement and bounces | Forexlive

The EURUSD moved lower yesterday and continued that trend in the Asian session. The price low reached just below the low price from last week at 1.08344. The low price today reach 1.0833 about a pip or so lower. That low print sniffed the 100-day moving average at 1.0826 and the 50% midpoint retracement of the move up from the May 31 low at 1.0823. As my posts on the EURUSD yesterday mentioned, the 100-day/50% retracement level would be a tough nut to crack. Early buyers leaned against those levels.

The subsequent move to the upside has seen the pair spike to the 100 and 200-hour moving averages. The price high just reached 1.08996. The 200 hour moving average is at 1.09009. A downward sloping trendline also cuts across near that moving average level.

ADP employment just came in much higher than expected and has reversed the EURUSD price to the downside. The 38.2% retracement 1.08673 was a support level on Monday and again yesterday before subsequently breaking to the downside. Getting below that level would have traders again looking back to the downside – and to the 100-day MA and the 50% retracement targets…

What the data also did was increase the 200 hour MA and the trend line as a key target that would need to be broken to increase the bullish bias. That MA now has found a number of hourly bars peak near that MA level.

Stocks are moving lower: