EURUSD tests swing area target. Based at the 200 bar MA on 4-hour

Bulls in charge

The EURUSD is working into the swing area target in the 1.1619-315 area. That area was home to swing highs going back to August 2, August 8 and August 9 before the price broke lower.

Yesterday, the price moved up the 200 bar MA on the 4-hour chart and rotated lower. At the lows today, the price moved below a lower trend line on one hourly bar, but that bearish break failed.

The price move higher, took the price above the 200 hour MA and on the current hourly bar, stayed above that MA line. That is a close risk level for traders now (at 1.1602). A move below the 1.1600 level would put some doubt in the bulls head (I would think).

SUMMARY: The bulls are in charge as levels are taken out, but a swing area for the month, should provide some cause for pause. Stay above 1.1600 is close risk.