Dips yesterday and today have found buyers leaning against the MA level.
The EURUSD has moved lower after ups and downs post the stronger than expected US jobs reports. The price has moved back down to test its 200 hour moving average currently at 1.12491. Note that yesterday, the price correction in the afternoon stalled against that moving average level. It also stalled against the level in the 1st hour of trading in the Asian session before moving higher.
The current retest is once again finding buyers against the level. It will take a move below the moving average level and then the 100 hour moving average at 1.2339 to shift the bias more in the favor of the sellers. Until then the dip buyers remain in play against that moving average level.
For the week, recall that the pair dipped below the swing lows from June 25 and June 30 yesterday but quickly failed on that break. Balancing out that failure was the move above swing highs from June 17 and June 29 at the 1.1287 – 93 area. The high today extended just above the 1.1300 level to 1.1302. Overall, the price action this week is reflective of a market unsure of the next directional bias.
