EURUSD breaks below 200 hour MA ...Middle East

Heading into the U.S. session, the pair traded in a range between the 100- and 200-hour moving averages. However, a rebound in stocks following this morning’s headlines helped push the USD higher, sending the EURUSD back down through the 200-hour MA.

On the daily chart, this 1.1271–1.1275 area remains a critical support confluence:

1.1271: 61.8% retracement of the decline from the 2022 high

For the bearish case to strengthen, the price needs to:

Push decisively below the 1.1271–1.1275 support zone

Until then, sellers have the edge below the moving averages, but need confirmation from a breakdown of the key support levels to gain further momentum.

This article was written by Greg Michalowski at www.forexlive.com.

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