100 hours MA below and oscillation zone above.
EURUSD has set support and resistance targets against familiar technical levels.
The pair initially rose and then reversed in the European morning session. On the downside, the price fell below its 200-hour moving average, but found supportive buyers near its 100-hour moving average (blue line in the chart above). On Friday, the price initially stalled from that level at the start of the Asian session, then climbed (and climbed).
Today’s rebound on the 100-hour moving average stalled near Friday’s highs, and also just above the lower target in a swing zone defined by highs going back to February 10. This swing zone is between 1.21435 and 1.21496. The high price today is 1.21439 so far.
Familiar technical levels helped define the range. The current price is trading at 1.2131.
When breaking through the 5 minute chart, the price remains between the channel trend lines after the bullish return. The low cuts to 1.2128 (and moves lower). The high trendline cuts at 1.21375. Above this line traders would look to the highs of the day. Move below and there should be more bearish polls with an area of 1.21235 (38.2% retracement and swing area today) as the next intraday support target to hit and close. to cross.
PS the price has just crossed the high trendline and is testing the highs of the day again.