The EURUSD is back down testing a cluster of support including its:
- 100-day moving average at 1.0770,
- Rising 200-bar moving average on the 4-hour chart at 1.07644, and
- 50% midpoint of the November trading range at 1.0766.
The low of a swing area between 1.0768 and 1.0781 is also been tested.
Buyers and sellers have a choice here.
- Buy against the low of the area at 1.07644 with a stop on a break below the level,
or
- Sell on a break below 1.07644 (or hold shorts from above and look for a break below).
Decision time for both buyers and sellers. Break lower increase of various bias or hold support and bounce back to the upside once again.
This article was written by Greg Michalowski at www.forexlive.com. Source