Technical Analysis

EURUSD rebounds toward the high/200 hour MA

The 200 hour MA stalled the rally earlier today

The EURUSD moved lower and successfully tested its swing area between 1.18002 and 1.18044. The low price reached 1.18045 before bouncing.

The bounce higher has now taken the EURUSDs price back toward the high for the day which is also near the 200 hour moving average (green line in the chart above). That moving average currently comes in at 1.18412 and  above that sits the falling 100 hour moving average 1.18493. 

It will take a move above both those moving averages to increase the bullish bias. 

There may also be sellers leaning against that level just like they did earlier in the day. 

Stay below would keep the sellers more control and shift the focus back to the downside as the price continues the ping-pong between support below near 1.1800 and resistance above against the moving averages.

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