EUR/USD looks for a break below the 100-hour MA
The euro continues to look sluggish on the day failing to stick around 1.1400 against the dollar and has now moved to a session low of 1.1366. In doing so, price has broken below the 200-hour MA (blue line) and now threatens a break of the 100-hour MA (red line) as well.
By holding a break below those two levels, sellers will effectively shift the near-term bias from more bullish to more bearish instead. The break of the 100-hour MA is key in my view and that paves the way for a retest of the year’s low at 1.1301. Barrier options still sit at 1.1300 so bids around that level will be key to watch once again.
There is minor resistance residing from last week’s daily lows around 1.1361 and 1.1336 but a more bearish break in near-term bias will surely build conviction towards a retest of the low seen last week. Now, watch out for the hourly close and whether or not the 100-hour MA holds.