200 hour MA, 38.2% and swing area approached
The EURUSD is higher on the day and in the process tested the low level of a cluster of resistance between 1.17132 and 1.1722. That area incorporates a:
- Swing area between 1.17132 and 1.17184 (see blue numbered circles)
- The 38.2% retracement of the move down from the September 15 high at 1.17127
- The falling 200 hour MA (green line) at 1.1722.
The high for the day reached 1.17137 so far today.
The price has backed off the area and currently trades at 1.1696. On the downside, a swing area comes between 1.16846 and 1.16917. Move below that area and traders will be eyeing a retest of the 100 hour MA at 1.16583. Stay above keeps the buyers more in control.
