Sitting on that 200MA now

The EUR/USD pair has now retraced back to its 200-day moving average on the 4-hourly chart, it seems like it is trying to form some support along the MA. Currently, the euro is trading at around €1.0752 against the dollar, The support along the 200MA reads €1.0741, the price dipped below it earlier this morning but has now moved higher. A close below the 200MA would indicate that further downside could be likely, in that case, the focus would then turn towards €1.0721 followed by €1.0707. If the pair manages to consolidate along the 200MA, we may see buyers rush in for a pushback up to €1.08. However, with the Bank of England and European Central Bank demonstrating a more dovish approach compared to the Fed, further dollar strength could persist. In turn, weakening the euro. If we look at the technical indicators for the near-term, we can see that the MACD has now turned negative but the RSI remains neutral as it reads 51.