The EURUSD moved below the swing area at 1.08633 to 1.08728 and buyers against the area, turned to sellers on the break (see earlier post). The price moved down to the next target at the 200 hour MA at 1.08344. Dip buyers entered there and are now pushing back toward the low of the swing area.
What next?
There is trader disappointment that the run higher could not be maintained. The price peaked just ahead of a old floor that turned to a ceiling on April 5th. The rotation back to the downside was on. There is also disappointment on the move below the swing area between 1.0863 and 1.08728. However, holding the 200 hour MA puts buyers and sellers into a battle between the 1.0878 above and the 200 hour MA below at 1.0834.
Traders will now look for the next break and run.
