The EURUSD yesterday moved down to test its 200-day moving average at 1.0846. The low price reached 1.0842 before bouncing to the upside. The subsequent move to the upside yesterday and into the Asian session today sniffed its falling 100 hour moving average currently at 1.0905. However, it found willing sellers after the initial jobless claims. Once again the 200-day moving average was tested. And once again dip buyers did lean against the level, and pushed the pair’s price off support.
Having said that, the upside has been somewhat limited, with support at 1.0846 and resistance at 1.0869.
Can the dip buyers push higher? Alternatively, is a limited upside indicative of a lack of buying support?
The above video outlines the technicals that are in play, and we need to be done to shift the buyers back to the upside.
This article was written by Greg Michalowski at www.forexlive.com. Source