The EURUSD is breaking below its 200-hour moving average at 1.17367 (green line on the chart below), a move that tilts the short-term bias more to the downside. Earlier today, the pair also moved below the 100-hour moving average, currently at 1.17577 (blue line), signaling an initial shift away from the bullish bias that had supported the pair in recent sessions.
With both key moving averages now broken, sellers are gaining more control in the short term. The next major downside target comes in at the 100-day moving average near 1.17084.
That level is particularly important technically. Back on May 6, the 100-hour, 200-hour, and 100-day moving averages were all tightly converged near 1.1708 before the pair broke sharply to the upside. That breakout fueled a rally to a high of 1.17956 later that same day.
Since then, the EURUSD has largely consolidated between support near 1.1722 and resistance up toward the 1.17956 high, with more recent rallies stalling around 1.1787. Importantly, throughout that consolidation phase, the pair had remained above both the 100-hour and 200-hour moving averages
