Recall from yesterday, the EURUSD tumbled lower and reached a low in a swing area between 1.12252 to 1.12283. Buyers leaned against what was a floor, then a ceiling, then a floor again. The price moved higher into the close and in the process, closed just above the swing low from Friday and Monday at 1.12658 (remember that level). I wrote about that swing area in my post HERE.
In trading today, the price moved lower in the first hour of trading but quickly rebounded back above the 1.12658 level. The high price extended to the 100/200 hour moving averages, and found sellers. After all chopping chopping up and down mostly below the 200 hour moving average, the price low returned to the aforementioned 1.12658 level (I told you to remember the level), and found buyers. The price has since rotated back to the upside, and is currently cracking above the 200 hour moving average at 1.12978 and the natural resistance at 1.1300. The high price just reached 1.1317
The technical bias is back to the upside with the price moving above the moving average levels. The price is also extending above the 50% midpoint of the move down from the high last week to the low reached yesterday (at 1.13044). The 100 and 200 hour moving average now become support/risk for buyers. Stay above and the buyers are more in control. Move back below and the break to the upside is a failure.
On the topside, the 61.8% retracement at 1.13228, and the high from Friday's trade at 1.13332, become the next upside target. After that and swing highs from Thursday Wednesday and Tuesday of last week will become the focus.
Buyers are in control. Stay above the 100 and 200 hour moving averages keeps those buyers in control. Targets are the step highs going back to last week's trade.