100 hour moving average of 1.21611

The EURUSD just moved down to test its 100 hour moving average of 1.21611. The low reached 1.2159 and as already bounce back up toward the 1.2171 level (the broken 38.2% retracement level).  It would take a move above that level and then the swing area from May 10/May 11 between 1.2176 and 1.2181 to frustrate the shorts looking for more downside.

On a break of the 100 hour moving average, tears would target the 50% retracement 1.21477 and the rising 200 hour moving average just below that level I.2146 (green line in the chart above).

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