Forex technical analysis: EURUSD tests (now breaks) the 200 week MA

MA at 1.1669 this weekThe EURUSD has moved up to retest (move above) the 200 week MA at 1.1669.  The move has also moved the price above the swing lows from August and October at 1.1661 and 1.1668 respectively.  The price is currently trading at 1.1675.

The 100 day MA looms ahead at 1.16969.  A move above that level would likely trigger more stops.
The move higher is a disapointment for the sellers after last weeks technical break lower. 
Last week, the:

  • 100 day MA was broken (blue line in the chart above)
  • 200 week MA was broken (not shown. At 1.1669 this week)
  • The lows from August and September were broken at 1.1661 and 1.1668 respectively
  • The neckline of the head and shoulder formation was broken.

Now with the move higher, the 100 day MA remains the last of those breaks that have not failed.  That certainly is not what you want to see on such a significant break.

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