EURUSD dipping below the 200 hour MA, but swing lows remain a downside hurdle
The last 6 days of trading in the EURUSD has had it's share of ups and downs as evidenced by the red and green numbered circles between 1.0775 and 1.0874. Yes, there was a failed break lower and a failed break higher yesterday as the pair, fell, then rallied helped by the weaker US data, but each break failed.
Today, the 200 hour MA stalled the falls in the Asian-Pacific session, but the subsequent rally - although able to get back above the 100 hour MA - failed to push back toward the highs which was the pattern seen more recently.
As a result, the sellers are holding a stronger hand, BUT getting and staying below the 200 hour MA and below the 1.07755 level, are still key requirements to kick start more selling (hopefully). Absent that and the dip buyers are still in the fight/in the ball game.