The volatility in the EURUSD continues as the price has rotated back down after a spike lower in the Asian session, and a spike higher in the European session. The price is currently testing its 100-hour moving average of 1.1117. This represents a target on the downside that if broken would then have traders looking toward a swing area between 1.1097 and 1.1104. Move below that level and the 200-hour moving average at 1.1078 would be targeted.
Dip buyers against the 100-hour moving average would now have to deal with resistance up to 1.1140 as resistance. A move above that level and staying above that level would be needed to give the buyers more confidence going forward.
This article was written by Greg Michalowski at www.forexlive.com. Source