EUR/USD falls to test its 200-hour moving average, can sellers break through?
The pair has been on a steady decline in trading this week, since meeting resistance from 1.1900 as we see sellers slowly take out one key near-term level after another.
The latest push lower now sees price action fall below the 50.0 retracement level @ 1.1762 and the 200-hour MA (blue line) @ 1.1761 to a session low of 1.1756.
Keep below that and sellers will establish a more bearish near-term bias. That will open up a potential drop towards 1.1700 next. But stay above, and the bias remains more neutral.
In the bigger picture, the pair continues to sit within a broader range of 1.1600 and 1.1900 as it awaits a fresh catalyst for a push to break outside of that since late August.
For today though, the downside pressure in EUR/GBP isn’t quite helping as we see the pair test its September lows around 0.8866-74 currently.