EURUSD technicals
PS
ab
The EURUSD opened the day trading down to new lows going back to March 5. Concerns about Trumps auto tariffs sent the pair lower.
However, the price bounced from a key confluence of support that included the 38.2% retracement of the recent upswing from the February 28 low, and the 200-day moving average (see chart above). This area—highlighted in a post yesterday —proved to be a strong buy zone, flipping early sellers into buyers and setting the tone for a rebound.
The recovery higher today, has seen the price trade above and below a swing area between 1.07609 and 1.07767 before moving higher. However, the recovery higher has run into resistance in the last few hours, with price stalling at the 100-hour moving average, currently near 1.0797.
A break and hold above this level would be a positive signal for the bulls, with the next upside target coming into focus at the swing area between 1.0808 and 1.0818. Move above that, and the 200 hour MA at 1.08457 becomes the next key target (green line on the chart above)
PS The price is now breaking above the 100 hour MA. Buyers are making a play.