EURUSD bounces after test of cluster of support finds buyers

Technical Analysis

Author: Greg Michalowski | eurusd

Swing area above tested

The EURUSD pushed hard against support defined by the 200 hour moving average, 38.2% retracement, and swing lows from July 28 in early New York trading. The price took a quick peeked below the 1.1698 swing low on its way to the session low of 1.1695, but that break was rejected. 

Swing area above tested
The pairs move back above the 200 hour moving average has led to additional upside probing. We are currently trading in a swing area defined by swing highs and lows going back to July 28 (see red numbered circles). That area comes in between 1.173268 and 1.17426 (see earlier post). A break above would have traders looking back toward its 100 hour moving average at 1.17789 as the next key target.

For now testing that key intraday resistance area. Can the sellers hold the area and push back down toward the 200 hour moving average and other support targets.

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