EURUSD trades within a technical range with the 100H MA as support and swing area above

<p>The EURUSD in the NY session, opened near its 100-hour MA (blue line in the chart below). Sellers could not push the price below that moving average, and sellers turned to buyers. </p><p>The subsequent move higher worked its way toward a topside swing area between 1.0551 and 1.05572. The high price reached 1.05571. Sellers leaned, and the price rotated back lower.</p><p>The pair currently trades near 1.0540.</p><p>With support defined against the 100-hour moving average, and resistance defined against the tide of the swing area, traders are awaiting the next to shove. Move above 1.05572 would have traders looking toward the 38.2% retracement of 1.0571. Getting and staying above that level is key to giving the buyers more confidence that the upside is the preferred bias.</p><p>Conversely, moving back below the 200 and 100-hour moving averages (100-hour moving average of 1.05215), would have traders looking toward the swing area between 1.0483 and 1.0496. </p>

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