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EURUSD Turns Lower After Bad Rated Bid

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EURUSD tests the 100 hour MA

EURUSD fell back to the 100 hourly moving average of 1.05217. Earlier in the day, the price briefly broke below this level, then retraced higher. The high of the low from the previous session reached the swing zone between 1.0543 and 1.0549 (see numbered green circles).

The current price is down to 1.0525. On a move back below the 100 hourly moving average, the pair would then target the 200 hourly upside at 1.05058.

Recalling last Wednesday, price tested the 200 hourly moving average and bounced higher. Going below and staying below would increase the bearish bias and prompt traders to look to the November highs between 1.04806 and 1.0496.

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