Ups and downs. Price stays below the MAs
On the earlier run higher, the EURUSD held the resistance near the 100 and 200 hour moving averages (blue and green lines), and the swing area between 1.1801 and 1.18089. That run to the upside broke above a topside channel trendline.
On the move back down, the price retested the underside of the broken trend line and found buyers. We currently trade off that level as buyers and sellers spar with each other.
What we know is the moving averages held resistance at the highs. What we also know is that the lows today held support at the high of the lower swing support target (at 1.1713 to 1.17207). More recently we know the underside of the broken trend line stalled the fall between those extremes.
Traders are playing the levels. The ups and downs continue. We are just in the lower half of the bigger range seen since July 28. Look for sellers against the 1.1801-13. Buyers against the old trend line at 1.17503 (and moving lower).
