The EURUSD moved lower in the early Asian session but found support buyers willing to lean early against its rising 100 hour moving average (blue line currently at 1.07311). The subsequent move to the upside extended up to test the highs from last week (and the week before ) between 1.0777 and 1.07865. The high price extended just above that swing area but could not sustain momentum, and the price rotated down in early US trading.
The low price in the early US trading has so far stalled against the high of a swing area near 1.0759. If that level can hold, a retest of the higher swing area could lead to a more substantial break with the 100-day moving average currently at 1.0807 and the 38.2% retracement of the move down from the April 28 high at 1.0810 as a key targets for both buyers and sellers.
Ultimately if the buyers are to show that they mean business, they need to get above and stable above those levels. Absent that and we are still in more of a corrective mode of the move down from the April high in the EURUSD pair. Watch the short video below, to hear and see the analysis ....
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This article was written by Greg Michalowski at www.forexlive.com.
http://dlvr.it/SqbFTz
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