50% and 200 hour MA joined by other swing levels should attract sellers
The EURUSD has moved above the August 1 swing low at 1.20265 and in doing so, has traders eyeing what should be a key resistance target at the 1.1042-48 area.
That area is home to the
- 200 hour MA at 1.10446
- 50% Retracement at 1.10434, and
- Swing lows and highs between 1.1042 and 1.10482.
I would expect that on a test, risk focused sellers would lean against the level with stops above.
If it holds, there should be a rotation back down with 1.1026, 1.10152 and the 100 hour MA at 1.09935 as downside targets.
