New week lows for the EURUSD. Tests MA support.

Technical Analysis

200 hour MA being approached at 1.11004

The EURUSD is trading to a new session and week low, taking out the low from yesterday at 1.11056. However, the pair is quickly approaching another key support at the 200 hour moving average. That moving average currently comes in at 1.11004 (green line in the chart below).  The price of the EURUSD last tested that moving average on October 15 (a brief move below).  Before that it also dipped below on October 8 (and quickly rebounded).  Both those tests were at much lower levels than the levels today.

Should the moving average the broken, the next target would come in at the 1.1083-877 area. that is home to swing levels from October 16 and October 17 and also the 38.2% retracement of the move up from the October 8 low.  The lower channel trend line is also in that area.  

So far, the 200 hour MA is holding.  Dip buyers have a level to lean against with risk defined and limited. 

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