The EURUSD (NYSEARCA:FXE) finally made the break away from the 100 hour MA. Now the shorts/sellers will be looking for the price to remain below the 100 hour MA and for the next targets to be reached to keep the trend in tact.
The next key target comes in at the 200 hour MA at the 1.2600 level. The price tested the 200 hour MA on Monday and Tuesday (at lower levels) and bounced. This will be another key test for the sellers to get through. NOTE the range is still narrow for the day at 89 pips vs an average of 126 over the last 20 days. So there is room to roam if the sellers stay in control.
Looking at the daily chart, the highs held the 38.2% of the 2012 range. Bearish. The low so far has stalled at the Jan 2012 low at 1.2623 (remember that old chestnut). The trend line support line comes in at 1.2596 (close to 200 hour MA). So if the trend is to continue and the price stays below that 100 hour MA today, this area becomes the key support target from both the hourly and daily perspective.