EURUSD rotates back down as ups-and-downs continue

The EURUSD has been choppy today, with price action swinging between key technical levels. The Asia session saw an initial move higher, testing the weekly high at 1.0527 and the January high at 1.05325. The peak reached 1.05242 before sellers regained control, pushing the pair lower.

As the U.S. session begins, EURUSD has dipped below the 100-hour MA (1.04839) but remains above the 200-hour MA (1.04718). Just below, a key swing area between 1.04529 and 1.04677 acts as additional support. This zone was also where price found a floor on both Monday and Tuesday.

With the moving averages positioned above the swing area, sellers need to break through both barriers to strengthen the bearish bias. A failure to do so could keep the pair in a range, with resistance between 1.0525 and 1.05325 capping further upside, and 1.04529 to 1.0467 the lower support area.

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