Stay above keeps the buyers in control
The EURUSD peaked in the US morning session at 1.1278. The price has rotated an up and down fashion to the downside over the last 5 or 6 hours. However the price did find support right at the 200 hour moving average (green line in the chart below) at 1.12424. The price low just reached 1.12426. We currently trade up at 1.1255.
Stay above the 200 hour moving average keeps the buyers in control. The pair needs to get back above the 50% of the move down from the high from last week. That level comes in at 1.12658.
