EURUSD moves to the 100 hour MA and finds sellers

<p>In the morning kickstart video, I spoke of the upside potential from a technical perspective for the EURUSD. The move was based off the rebound, and move back above the swing area between 1.0631 and 1.0635. Here is what I said on the trade idea:</p><p>What happened?</p><ul><li>The price of the EURUSD stayed above the swing area at 1.0631- 1.0635.</li><li>The price was able to extend above the 1.0644 and 1.0655 levels.</li><li>The price moved up to test the key 100-hour moving average 1.0674.</li></ul><p>Sellers leaned against the 100-hour moving average at 1.0674 on the test (buyers against 1.0631 – 35 took profit at 1.0674 on the corrective rebound), and have now rotated the price back down toward the 1.0655 level.</p><p>What next?</p><p>The battle is now on as support held at 1.0610 (the 38.2% retracement of the move up from the September 2022 low) and resistance held (the 100 hour moving average).</p><p>If the buyers are to take more control they need to get back above the 100-hour moving average. If done, a rotation toward the 200-hour moving average 1.0695 would be eyed. </p><p>Conversely, a move back below 1.0655 and 1.06443 would have traders looking once again at the 1.0631 – 35 area followed by the aforementioned 38.2% retracement of the move up from the September 2022 low at 1.0610.</p>

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