EURUSD moved back above its 200 hour moving average
The price of the EURUSD open the New York session above its 200 hour moving average, but then drifted back below the level. However the pair found support near a swing area between 1.12208 and 1.1233 (see earlier post here).
The price decline stalled near the high of that range and started to build back toward the 200 hour moving average. In the last hour, the price has moved back above the aforementioned moving average increasing the bullish bias into the day's close and also into the new trading day.
On the topside, the swing area between 1.1271 and 1.12763 is the next target. Move above that level and traders will start to target the 50% midpoint of the move down from the January 14 high at 1.13014.
