EURUSD tests key 200 hour MA and finds support buyer but with more work to do

The EURUSD has pushed lower in the new trading day/week and in the process has moved below the 100 hour MA at 1.05328 and down to test its 200 hour arrears or 1.05174. The price has bounced modestly off that moving average as risk focus buyers will to lean against support. However, the price remains between the two moving average levels as traders wait for the next shove either higher or lower.

Meanwhile, the USDJPY hasd continued its move to the upside after testing support ahead of its 100 day moving average 149.046 and the high of a swing area 149.346. The low price today reached 149.46 near the low from Friday’s trade.

The move to the upside has taken the price back above the 150.00 level and also the 38.2% retracement of the move up from the September low to the November high.. That level comes in at 150.182. If the price is to move higher, it would need to stay above the 38.2% retracement to keep the buyers in firm control.

Conversely, a break back below the level, would after looking back down toward the 149.35 level and the 100 day moving average at 149.046.

The above video outlines the key technical’s in play for each of the pairs.

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