100 hour MA below and swing area above.
The EURUSD has set support and resistance targets against from familiar technical levels.
The pair initially move higher but then reversed into the European morning session. On the move lower, the price extended below its 200 hour moving average but found support buyers near its 100 hour moving average (blue line in the chart above). On Friday, the price initially stalled against that level in the early Asian session, then broke higher (and ran higher).
The rebound today off the 100 hour moving average stalled near the highs from Friday, and also just above the lower target in a swing area defined by highs going back to February 10. That swing area comes between 1.21435 and 1.21496. The the high price today reached 1.21439 so far.
The familiar technical levels have helped to define the range. The current price is trading at 1.2131.
Drilling to the 5 minutes chart, the price remains between channel trend lines after the move back to the upside.. The low cuts across at 1.2128 (and moving lower). The high trendline cuts across at 1.21375. Getting above that line would have traders looking back toward the highs for the day. Move below and there should be more downside probing with 1.21235 area (38.2% retracement and swing area today), as the next intraday support target to get to and through.
PS the price has just broken the high trend line and is re-testing the highs for the day.
