Down yesterday, up today
The EURUSD has worked its way back toward the 50% midpoint of the recent trading range (from the August 20 low). The midpoint comes in at 1.17859. A move above that level would have traders looking once again toward the 100 hour moving average at 1.17975. There is a swing area up to 1.18004 as well and the 200 hour moving average at 1.1813.
On the downside traders will buy the 1.1770 level that was near the low price from Monday’s trade and was a corrective high price into the close yesterday. Move below that level and the 61.8% retracement 1.1757 will be all right. That level held support at the Asian session low today. Move below and should be further downside momentum.