EURUSD "pongs" back to the 200 hour MA

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After pings at the 100 hour MA

The ping -pong of the EURUSD has pushed the price from a ping at the 100 hour MA (blue line) to the pong at the 200 hour MA (see earlier post here laying the groundwork for the ping pong).

Yesterday, the price moved above the 200 hour MA for the first time since February 26, and after trying to hold support in the Asian session today, broken back below the level.

The run to the downside stalled at the 100 hour moving average. After correcting to the 38.2% retracement at 1.19411, there was a another test of the 100 hour moving average.

Holding support against that level for the second time today, helped to turn sellers and the buyers and move back to the 200 hour MA.

The move above the 200 hour moving average would tilt a bias more to the upside and have traders looking toward the 50% retracement of the move down in March at 1.19739.

The price action is ping ponging but traders looking for the break outside of the MA limits.

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This article was originally published by Forexlive.com. Read the original article here.