Tests intraday MAs on bounce
The EURUSD bounced off the swing low targets from 2017 (see prior post).
The move higher has been able to reach and move above a few of the resistance targerts.
Looking at the 5 minute chart, the pair moved above the 1.1140 level and then the 100 bar MA (blue line). The pair also moved above the 50% midpoint of the move down today at 1.11408 level. The next hurdle (outlined in the earlier post) is the 200 bar MA (green line in the chart above). That comes in at 1.11469. Get above and the correction should continue.
On a break, traders will look for some of the broken levels to define risk. The 38.2% at 1.11343 to the 1.1140 level (100 bar MA, 50%, old low from yesterday), would be eyed as support.
