The EURUSD sellers had their shot with the price moving below the 100-day MA yesterday and trying to stay below in the Asian session today. That move did not last as traders leaned against a swing area and the 100 bar MA on the 4-hour chart. Sellers turned to buyers and the price started to trend back to the upside.
The price rise has now taken the price above the 100 and 200-hour MAs at 1.08409 and 1 08479. Those two moving averages will now be close support for traders today and into the new trading week. If the price can stay above each, buyers can work at the upside targets including the highest from Thursday, Tuesday, Monday and last Friday up to 1.08944.
For all the details, watch the video above.
This article was written by Greg Michalowski at www.forexlive.com. Source