There have been 6 tests. One failed break over the last 11 trading days.
The EURUSD is breaking above the 200 day MA at 1.10457.
If you go back to Feb 23rd (11 trading days), the pair has tested this MA on 6 times and found sellers. The last times earlier today and on Friday. There has been a more substantial break on Feb 26th that failed after 7 hours. The pair just made a new break and reached a high of 1.1055. We are currently trading right at the MA level again as buyers and sellers square off.
Stocks are down in the US opening giving a boost. Also the EURGBP is bid. If the buyers mean business, the 1.1067 is the high from Feb 25th (was also near lows form Feb 18 and 19 (see chart above). A move above that shows they mean business.
The other side is this a great level to sell before the ECB meeting.
PS the EURGBP is also at a key level (and it is helping the EURUSD, hurting the GBPUSD).
Looking at the hourly chart below, it tests the 200 hour MA at 0.77887. Key level for the EURUSD. Key level for the EURGBP. One will win. Risk is limited.
