EURUSD technicals with a negative bias. Price is below the 100/200 hour MA barometers.

<p>The EURUSD buyers tried to tilt the technical bias to the upside today with a move above its 200-hour moving average at 1.0580 and it's 100-hour moving average 1.0589. The price also moved above the 50% midpoint of the move up from the October 13 low at 1.0594. </p><p>However, momentum above the levels could not be sustained. The high price reached 1.0596 and rotated back to the downside. The current price is trading at 1.0561.</p><p>Going into the new trading week, those 2 moving averages (and 50% retracement), will be the barometer for more bullish and bearish. Moving above those levels, would be more bullish. Staying below gives the sellers the control nod. </p><p>On the downside, a swing area between 1.0522 – 1.0531 is the next target followed by the swing area between 1.0483 and 1.0500. Will below that it opens the door for a run toward the October low near 1.0448.</p><p>Moving above the 50% 1.0594 would open the door toward key resistance near 1.0610 (swing area between 1.0608 and 1.0616) above that and traders would target 1.0635 area.</p>

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