Buyers showed spirit at the 100 hour MA.
The EURUSD has moved back toward unchanged on the day at 1.1290. The corrective high just peaked the the 1.1288 level. The area was near the swing high on June 3. On Unemployment Friday, early sellers came in against the level. Today, in the Asian and London morning session, the pair had some peaks near the level.
On the downside, the key level in trading today was without doubt, the 100 hour MA (blue line in the chart above). The price action was up and down, but the the 100 hour MA attracted the buyers on a couple of key tests. The second successful test of the line, opened the door for more buying momentum. The memories of yesterday (and last week for that matter remain - see Tuesday rally, correction then rally on Wednesday).
Holding the 100 hour MA and near the 38.2% twice is somewhat telling. The sellers could not keep control. Watch for a move above the 1.1290 level. On the downside 1.1255-60 should be a close level to lean against.