EURUSD backs off from swing area today & moves toward hourly MAs. Those are the key levels

As the trading day works to the close, the EURUSD has stalled at highs near a key swing area, and moved down toward the 200-hour MA at 1.08519 and then the 100-hour MA at 1.08347.

Those two moving averages will play a key technical role in the new trading day. Move below would increase the bearish bias and have traders looking to the 100-day MA at 1.08117.

Conversely, if support buyers lean and hold support, the swing area up to 1.0887 and the high from May at 1.0894 would be targeted once again.

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