Moves back above 200 hour MA (now support). Old swing levels and underside of broken trend line tested.
The EURUSD is pushing higher and testing an old swing level and the underside of a broken trend line. The 50% of the move down from the weeks high (on Monday) is ahead at 1.09299.
In the process, the price has moved above the 200 hour MA. On Monday/Tuesday the price stalled at that MA line, before moving lower and continuing the move to the exhaustion low yesterday. Traders will be eyeing that MA as close support now.
Other support now will should come in at the 1.0900 area if the buyers want to keep control. The 38.2% -50% of the move up on the data, comes in at 1.0897-1.0903. Patient buyers on a retracement should lean against that area on a dip if they like the dollar selling idea (EURUSD buying).
The 200 hour MA is holding so far (see chart). Buyers staying in control.
PS Der Spiegel report on ECB taper seems to be having a bullish influence on the pair. Technical levels will help tell the story too. Battle going on.
