EUR/USD Comes Back Into Comfort Area

The EURUSD took a look at the 61.8% Fibonacci Retracement level and backed off.  The level, calculated off the high of 1.4338 and the low of 1.3805, comes in at the 1.4134.  The high reached 1.4143, (see chart above)

When momentum at the level could not be maintained, the price backed off back below the 200 hour MA (currently at the 1.4106 level).  The price remains above the 100 hour MA which currently comes in at the 1.4033 level.   These levels will be watched as support and resistance for the time being.

The overall bias is cautiously positive as the price remains above the 100 hour moving average but failed on the move above the confirming 200 hour MA.  Longs will likely be selling against the 200 hour moving average on the back of this failure - with buying if the price is able to move above the key level

A move below 1.4033 will shift the bias back to bearish.   Quiet and range bound looking for  the next break.

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