Tests 61.8% and prior swing lows above and fails. 100 hour MA tested on the downside now.
The EURUSD "raced" higher to an intraday high of 1.1271 level but quickly reversed back lower. The move came after the better than expected JOLT job openings report. So it raised a few eyebrows. In any case, the high peaked just short of the 61.8% of the move down from the August 17 high. The pair also had a couple swing lows on the hourly chart from August 22 and again on August 25th in that area (see blue numbered circles in the chart below).
The pair is currently testing the 100 hour MA at the 1.1239 level and the swing low from August 17 at the same area. A move below (and staying below) will be needed. NOTE that the price has flirted below the MA line today with the biggest probe making it to 1.1228 before reversing back higher. However there have been no closes on the hourly chart below the MA. Traders need to see momentum develop and the sellers to keep a lid on the rallies against the level.
In favor of a further move lower is the range is only 43 pips today. SO there is room to roam and the topside attempt was a complete failure. We need that push though and that close below the MA line.
