Forex technical analysis: EURUSD tests Friday low....

The EURUSD fell in early NY trading and in the process tested the low from Friday AND the 1.0706 level. That level is of course the 38.2% of the move down from the Election Day high to the January low.  We have traded above and below that level mainly since Jan 23rd.  

The 61.8% of the move up form the Jan 30 low is at 1.0699. A move move that area (from 1.0699-1.0706) should be move bearish.  So far. trying to hold the line. 

Having said that the burden will be on the buyers today. They will likely lean against support BUT if the price does rebound, it should have a tough time against the 1.07239 area) and the 200 hour MA at 1.0740.