Sellers dominate in the first few hours of trading in the EURUSD toward MA support

The EURUSD has moved down around -0.38% in the first few hours of trading in the new week, and in the process has moved down to test its 100 hour AM at 1.05305. That MA is just above the 200 hour MA at 1.05188. Both those MAs would need to be broken in the new week to increase the bearish bias after the pairs run higher in trading last week.

If broken, traders would look down toward a swing area between 1.0483 and 1.0500.

Conversely, if support can hold against these moving averages, resistances up near the 38.2% retracement of the November trading range at 1.05628. Below that level and traders will look toward last week’s high which came in just shy of the 1.0600 level. There is also a swing area up to 1.06097 that would need to be broken to increase the bullish bias in the pair.

This article was written by Greg Michalowski at www.forexlive.com.