100 hour moving average currently comes in at 1.1818
The EURUSD as a snaped back higher and in the process is retesting its 100 hour moving average at 1.18184.
The New York session low today fell below a swing area between 1.1779 and 1.17837. That break failed however and sellers turned to buyers as overall dollar selling materialized. A move above the 100 hour moving average should solicit more upside potential with the 1.1834 level as the next target. That level corresponds with a topside trend line and the 38.2% retracement of the range since August 17. Above that is the 200 hour moving average at 1.18475.
Sellers had the shot. They failed. They missed. The buyers are trying to take their shot as a test the key moving average once again.
PS GBPUSD is also reversed sharply to the upside. It trade to new session highs and test the 1.3200 level.