EURUSD slowed the fall in support area and is rebounding toward MA

1.1712--24 area attracts buyers

In an earlier post, I spoke of the support from a number of swing lows centered in the 1.1712-24 area. The low today reached 1.1717 - between the two levels - and the price started to rebuild back to the upside.

We currently trade at 1.1739. What next?

The pair is approaching the 200 bar MA on the 4-hour chart at 1.17446. That MA should now give the dip buyers some trouble. However, if the level is rebroken to the upside, there could be more upside momentum.

Support held on the fall. The market had a decent move lower. The price tested a pretty good support area.

Once you bounce, you have to retake what you left in the wake (i.e. what you passed on the way down). For the EURUSD that is the 200 bar MA on the 4-hour chart at 1.17446 and then the 50% of the move up from the November low at 1.17565. Get above those, and things are looking good for the dip buyers. Fail to breach and there should be another run at the key support area.