The EURUSD is bouncing higher and on the bounce has moved back above its 100 bar moving average on the 4- hour chart 1.0852. The price has moved back into a swing area between 1.08538 and 1.08617 (see red numbered circles). Move-up that level will have traders targeting the 1.0872 level.
It would take to move back below the 100 bar moving average at 1.0852 – and staying below – to put the sellers back in control.
Earlier today, the price fell below its 38.2% retracement of the move-up from the June low at 1.08394. That break led to more momentum to the downside, but the price fell short of its 200-day moving average at 1.08122. The low price today could only reach 1.0825 before bouncing back to the upside.
This article was written by Greg Michalowski at www.forexlive.com.
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