EURUSD moves back down toward 100-day moving average

The EURUSD has moved back down after spiking higher on the US data and is trading back toward its key 100 day moving average 1.08233. Recall from yesterday, the price moved up to that moving average level and found willing sellers on the first test.

In trading today the price of the EURUSD traded above and below the level before the US data. The price spiked higher off the data, but stalled ahead of a swing area between 1.0875 and 1.0887

The 100-day MA remains the key support level if the buyers are to keep control. That level is key for both buyers and sellers.

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