100 hour MA at 1.2119. 200 hour MA at 1.2121.
The EURUSD retested moving average support from both the 200 hour moving average at 100 hour moving average between 1.2119 and 1.2121 and has bounced.
Recall from an earlier post, the EURUSD had tested both moving averages in the Asian session, only to run higher to retest the high from December 4. The move higher took the price above a key swing area from 2018 between 1.2153 and 1.2164.
When the price moved back below that swing area, buyers tilted more to selling and pushed the price to the moving average support target. All was outlined in the earlier post.
What next?
In the words of Led Zeppelin, "The song remains the same". Resistance at the swing area above, support at the 100/200 hour MA. Buyers and sellers battling it out.
PS revisiting the lyrics, the musical instrumental talent > the lyrics....
