The EURUSD has rebounded in the North American session. The low price on the hourly chart did find some support buyers ahead of the swing lows from January 6 and January 10 between 1.1283 and 1.1285. The low price reached 1.12897. I was also near a downward sloping trendline connecting lows from last week.
The move back to the upside has taken the price back above the 61.8% retracement of the move up from the December 15 low. That level comes in at 1.13206. On the topside the 100 hour moving average currently comes in at 1.13328.Traders will be eyeing that level for bias clues. Stay below and the bears still in control. Move above, and more upside corrective probing can be expected.
Recall from Friday, the price moved above that moving average line only to quickly reversed back to the downside. The buyers turned to sellers. In trading today, the London session high did stall ahead of that moving average. Getting above would give the buyers off the low some added confidence.
