The EURUSD dipped into the swing area between 1.0348 to 1.0365. The low did dip to 1.0346, just a couple pips below the lower extreme, but has bounced. The price trades at 1.0369 just above the higher extreme.
Can the buyers push prices higher after a successful test?
That is what the dip buyers are now hanging their dip buying upon.
Below is the short term look around the swing area.
On the topside the 200 day MA remains the key upside target. Looking at the hourly chart, the price moved above the 200 day MA with the most momentum coming after the weaker US PPI news.
However, the price rise could not stay above the moving average.
It would now take a move above the 200 day moving average and a close above to give the buyers more confidence. The last time the price of the EURUSD closed above the 200 day moving average was back in June 2021.
