Dollar rebounds modestly
EURUSD. The EURUSD peaked near the low of a swing area between 1.18507 and 1.18568. The high price reached 1.1848. The move to the downside after the ISM report sent the price toward a lower swing area between 1.18243 and 1.1830. The low price reached 1.18327. Those swing areas now define the trading range’s support and resistance. Traders will be eyeing the next shove.
USDJPY: The USDJPY dipped briefly below its 200 hour moving average at 109.90 reaching a low of 109.875.. The move back to the upside has taken the price back above its 100 hour moving average at 109.971. The area between the 200 hour moving average at 109.90 and the 100 hour moving average at 109.971 remains a key support/bias defining area for both buyers and sellers. Stay above and the dip buyers are still in the game. Move below and the bias tilts more to the downside with focus returning to 109.75 and the 100 day moving average at 109.665.