100 hour MA held the low again
The EURUSD fell yesterday on the headlines from the FOMC decision, but found buyers at the 100 hour MA. That level also corresponded with swing levels between the 1.1311 and 1.1319 area.
Today, the 100 hour moving average was retested and the 2nd day in a row it held support.
Needless to say the 100 hour moving averages sticking out as a key barometer for both the bulls and the bears. Stay above more bullish. I would expect that if the price moves below it would be more bearish.
What about the swing area? That still is in play and is joined by a rising trend line which cuts through the middle of it currently. A break below the 100 hour moving average, would get bearish confirmation through the swing area. A move below that would look toward the 200 hour moving average 1.12670.
Of course if the 100 hour moving average hold support, the buyers and sellers continue to fight the up and down battle. The close from yesterday came in at 1.1371. Getting back above that level would be and upside target followed by 1.1383 (high from last week). The high for the day stalled right around the 1.1400 natural resistance level. That would also be a upside target to get to and through.
