New lows failed. Reversal moves toward 100 hour MA
The EURUSD fell in the the London session and NY morning session. That move took the price to new session lows at 1.0850. The low fell short of the next key target area defined by swing lows/highs going back to November 2015 to March 2016 period. The price fell below that area – mainly in November but again in January for a few days – but since January 7th, the price has traded above that area. The inability to get to that area (yellow area in the chart below) is a disappointment for the bears/sellers. And we saw that disappointment in the rally back higher this afternoon. That rally is taking the price to the 1.0910 area. That level on the daily chart is the swing low from June 2016. Key level to get above if the bulls are to take back more control. We are seeing sellers against the level though. The sellers seem to be leaning.