EUR / USD maintains rebound from 1.2000 yesterday to 1.2100 today
Price climbs to a new session high of 1.2108 as the dollar is seen a bit weaker to start the session as the day’s narrow ranges expand a bit.
It is worth noting that EUR / USD maintains a rebound of 1.2000 yesterday as well as a test of its 100 day moving average (red line) and trendline support – closer to 1.2035 today .
Exploring the short-term chart:
Buyers appear more prepared after the recent downward push since last week, with the pair once again holding on to the key support levels outlined above.
The higher retracement since yesterday now sees the pair testing the 100 hour moving average (red line) at 1.2097. Break above that and the short term bias turns more neutral with the 200 hour moving average (blue line) @ 1.2121 providing additional resistance.