EURUSD bouncing off MA swing area support

The EURUSD moved to a new low in the early US session and in doing so tested a key target support defined by the 200 hour MA at 1.0453 (currently at 1.0455)and the low of a swing area between 1.04529 and 1.04677. I outlined that key level in the morning video.

The buyers leaned and the price has bounced off the level.

That area between 1.0453 and 1.04677 has increased in importance on the bounce.

Staying above, will have traders looking toward the highs from the last two week’s at 1.0505 and1.0512 respectively, followed by the highs from today and going back to January 27. Those levels come near 1.0528 to 1.0532. The 100 day moving average looms above those levels at 1.05476 and moving lower.

This article was written by Greg Michalowski at www.forexlive.com.