Dips below lower swing area earlier today stalled. Buyers have some control (with more work to do however).
The EURUSD started the North American day down testing a swing area in the 1.18846 to 1.18906 area (see post here).
The subsequent dollar selling has seen the price rotate higher and move above the earlier resistance at 1.19219 to 1.19255. The price moved above that area and the falling 100 hour MA near that level and there has been some added momentum on the break.
What now?
The move above the 100 hour MA, is a tilt of the shorter term bias to the upside. However, although a little more positive, traders still took the price racing lower last week, and the correction is still short of the 38.2% of the run down from last week's high at 1.21467. Ultimately, that is still a hurdle if the buyers are to assume more control. Getting above the 200 day MA and 50% midpoint of the same move lower, would be the other upside targets that would give the dip buyers now, more confidence.
For now, staying above the 100 hour MA at 1.1922 is the key barometer for buyers and sellers.
