EUR/USD rose yesterday until it reached its 100 and 200 hour moving averages. Sellers took hold of this level and pushed the price lower during the Asian session as buyers came in support against its 100-day moving average (blue line at 1.08074). The price then started to move to the upside, breaking above the 100 and 200 hourly moving average. Average this time.
Personal consumption expenditures data extended this rally with the price reaching the next major target area between 1.08758 and 1.0887. Sellers leaned against this level and reversed the price back down.
The recent decline brought the price back to the familiar 100/200 hourly moving average area (blue and green converging lines). Both moving averages are located near 1.0840.
The decline in prices has now stopped at this level. Risk-focused buyers this time tend to be supportive. If the price can stay above those moving averages, an upward turn is expected.
Conversely, if these moving averages can be broken, look for more downside momentum with the next downside targets at 1.0828 and the 100-day move from 1.0807.
EURUSD pulled back from testing the 100/200 hourly moving averages