Pair is still sharply lower. Trades back toward the 100 hour MA
The EURUSD is pushing back higher in volatile trading. The pair moved lower on flight into the dollar, concerns about EU growth with borders potentially all shutting down and the uncertainty from Brexit on trade.
The road to the downside was nevertheless not a straight shot. There was a sharp bounce in early European trading, before a run lower into the late morning.
The low for the day did crack below its 50% retracement and 200 hour moving average near the 1.21650 on its way to the low for the day at 1.21285. The move back higher has seen choppy action around that 200 hour/50% retracement level, but the last hourly bar has seen more upside momentum.
The pair is back up retesting its 100 hour moving average at 1.22057. A move back above that level – and staying above – would be more bullish. IF sellers lean, traders started refocus on the 100 hour MA as resistance and 200 hour MA/50% retracement as support.
Key test for the EURUSD in early New York trading.