The EURUSD held above the 200 hour MA during 2 tests yesterday and again today. Then the level was broken and failed in each of the prior two hourly bars.
Now on yet another attempt, the MA is being broken with the pair moving to a new day low.
Can the sellers now keep the price below the 200 hour MA at 1.06044?
If they can, the sellers have more work to do to get the pair outside the range that has confined the pair over the last three days including the:
- 50% of the December trading range at 1.05889,
- Swing highs from Dec 5 and December 9 between 1.0584 and 1.0594, and the
- Lows from this week near 1.05756
Those are the progression levels that would now need to be broken now that the 200 hour MA is broken (and assuming it can remain broken). So far, the price has moved to the 50% and into the swing area, but stalled at the 50% retracement level.
Conversely, fail on the break and chalk it up to more ups and downs as the clock ticks toward the end of the year.