Back above 1.0788
The EURUSD has been able to step higher in trading today and in the process moved back above the 1.0788 level (see daily chart below). The level was a lower floor area on the daily chart with swing lows from December making the lower extremes at the 1.0788 and the 1.0802 respectively. The high yesterday peaked at 1.0798. Today, that area was breached and further momentum has taken the price to a high of 1.0874.
Looking at the hourly chart, the 200 hour MA is at 1.08798 and the high reached 1.0874 just short of that. NOTE the spread between the 100 and 200 hour MA (blue and green line in the chart below). When it is wide - like it is now - there tends to be a some reluctance against the 200 hour MA. It is simply difficult to turn the bias around after the trend-ish fall lower just a few days ago. That seems to be in play today.
The midpoint of the move down from the Dec 28 high comes in at 1.0850. This level is being tested/falling below now as the market corrects a bit as traders await the US stock market. The 100 hour MA down at 1.0811 is now support as well.
A closer intraday support level would be at the 1.0834 level this is the 38.2% of the move higher today and the 100 bar MA on the 5-minute chart. A corrective low also stalled there a few hours ago. So it looks to be an intraday support level for traders to lean against.
