February 8, 2023

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EURUSD retests the 200 hour MA

1 min read

Moved above the 100 hour MA and 100 day MA 

The EURUSD has moved up to test its 200 hour MA at 1.2062.  The pair has previously moved above its 100 hour moving average at 1.20278, and 100 day moving average at 1.20498.  The 200 hour moving average is the third and final upside MA target.  Getting above would be more bullish.

EURUSD on the hourly chart

Recall on Monday, the price moved above the 200 hour moving average briefly on it’s corrective move higher, only to rotate back below the level on the the very next hourly bar.  That price action may give some traders cause for pause at the 200 hour MA again, and that is what we are seeing on the first look.  

However, there is also support from the 100 day and 100 hour MA below.  So traders may look to start a new battle between the MA levels.  On a break above the 200 hour MA (or back below the 100 day and 100 hour MA), there should be momentum in the direction of the break. 

Helping the bullish bias today was the key floor hold at the lows between the swing area at 1.1987 to 1.19943. That level was outlined as support in posts yesterday (here is one). Getting back above 1.20125 and 1.20209 (see below numbered circles) was also cited as another area to get back above if the buyers were take back more control.

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