The EURUSD price action today saw a rise to the high of a swing area between 1.0936 and 1.0954. Sellers leaned against the area.
The subsequent move to the downside stalled ahead of its rising 100-hour moving average currently at 1.0888 (see blue line on the hourly chart below). A small bounce at the start of the North American session led to another dip back down toward the 100-hour moving average, where once again buyers came in against the moving average level.
Since then, the price has risen and moved back between the swing area between 1.0936 and 1.0954. The high price just reached 1.0952.
Buyers and sellers have a decision to make against this swing area.
- If the buyers can push the price above the swing level, it would open the door for further upside momentum with another swing area at 1.1001 to 1.1014 as the next target.
- Conversely, sellers against this area would hope for a rotation back to the downside where the battle can continue against the lower 100-hour moving average and the rising 200 hour moving average at 1.0888 and 1.0872 respectively.
Overall, the buyers are more in control. It would take a move below the aforementioned hourly moving averages to give the sellers more hope, and the buyers cause for pause.
EURUSD on the hourly chart has support at the 100 hour MA
