EURUSD bounces off the 200 day MA. Buyers and sellers continue to battle

The EURUSD fell to a new low and tested its 200-day moving average at 1.08462 in the process. Buyers leaned against that level on the first test, pushing the price marginally to the upside. As outlined in the previous videos this week, the 1.08788 – 1.0894 area represents a key swing area that was broken during trading yesterday and has remained broken. That is now resistance and a risk defining level for sellers looking for more downside going forward.

So buyers and sellers are continuing the fight between technical support below against the 200-day moving average, and technical resistance above against a key swing area.

This article was written by Greg Michalowski at Source