EURUSD Finds Support at 200-Day moving average, upside momentum possible

The EURUSD this week trended lower into Wednesday but found support buyers against its 200-day moving average. The moving average was tested on two separate occasions, and each time buyers leaned and pushed the price higher.

The subsequent rise has taken the price back to a swing area between 1.08788 and 1.0894. Move above that level and it should help in the door for further momentum to the upside. The 200-bar moving average on a 4-hour chart comes in 1.09187. Get above that level and buyers are even more in control.

On the downside, the obvious target to get to and through next week would be the 200-day moving out at 1.08456.

This article was written by Greg Michalowski at Source