EURUSD Finds Support at 200-Day moving average, upside momentum possible

<p>The EURUSD this week trended lower into Wednesday but found support buyers against its 200-day moving average. The moving average was tested on two separate occasions, and each time buyers leaned and pushed the price higher. </p><p>The subsequent rise has taken the price back to a swing area between 1.08788 and 1.0894. Move above that level and it should help in the door for further momentum to the upside. The 200-bar moving average on a 4-hour chart comes in 1.09187. Get above that level and buyers are even more in control.</p><p>On the downside, the obvious target to get to and through next week would be the 200-day moving out at 1.08456.</p>

This article was written by Greg Michalowski at www.forexlive.com.