100 hour MA at 1.1232 is now support. Price approaches 100 day moving average
The EURUSD has moved above the 100 hour MA on the back of the Fed chairs prepared remarks to Congress. That moving average comes in at 1.1232. The pair is now testing the key 100 day MA at 1.12546. The 50% midpoint from the high correction on July 2 is also at that level.
A move above would open the door for a move toward the 200 hour MA at 1.12719 (green line).
So far, the sellers leaned against the resistance levels on the first test (currently trade at 1.1248). For close support, watch the 1.1242-46 (home to swing highs on June 14 June 17 and June 18) Last week, the pair moved below that area and stayed below (see yellow area). The "line in the sand" for bulls/buyers is the 100 hour MA at 1.1232. A move below that MA would not be welcomed by buyers looking for a weaker USD now.
