TECHNICAL ANALYSIS

EURUSD bounces back after support group test finds buyers


Swing area above tested

EURUSD pushed strongly against the support defined by the 200 hour moving average, 38.2% retracement and swing lows from July 28 when trading started in New York. Price quickly peeked below 1.1698 swing low to hit the 1.1695 session low, but this breakout was rejected.

Swing area above tested
The pairs move up above the 200 hour moving average, which has led to further bullish polls. We are currently trading in a swing zone defined by swing highs and lows going back to July 28 (see red numbered circles). This zone is between 1.173268 and 1.17426 (see previous article). A break above would cause traders to look back towards its 100 hour moving average at 1.17789 as the next key target.

For now, test this area of ​​key intraday resistance. Can sellers hold the zone and push back towards the 200 hour moving average and other supporting targets?

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