The EURUSD is seeing a modest move to the upside as stocks rebound, and so is the EURUSD. The EURUSD sold off fairly hard in the NY session moving from 1.09837 which was just below the 100 hour MA. That hold under that MA kept the sellers in play/control in the short term. The price moved to a low of 1.0908.
That took the price below a swing area between 1.0925 to 1.09438. It also took the price below the 200 hour MA at 1.09436.
The current price is back into the swing area at 1.0929.
What will traders look for into the new day?
If there is a key barometer into the new day, it would be the 200 hour MA at 1.09436. That level also corresponds modestly with the high of the swing area (red numbered circles). Stay below is more bearish for the pair. Move above and this break today is not doing what the sellers want.
On the downside, the 50% of the move up from the last big correction into the March 24 low at 1.0894 followed by the upward sloping trend line near 1.0885 would be targeted. There is room to roam even further to 1.08629 to 1.0871 area and the 61.8% at 1.08514.
Move above the 200 hour MA and 1.0972 to 1.09868 (100 hour MA) would be targeted.
