The EURUSD has moved back to a new session low and in the process is testing the 200-hour MA at 1.0687. That MA stalled the fall on Friday (at a lower level). Moving below the 200 hour MA is now needed to increase the bearish bias, and have traders targeting the trend line and the low of a swing area down to 1.06529.
If the buyers stall the fall here (and trader could buy here given the low risk), getting back above the 100-hour MA at 1.0711 would be eyed as a level to get to and through, to give the dip buyers more confidence.
This article was written by Greg Michalowski at www.forexlive.com.
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