The EURUSD has returned back down toward the 100 and 200 hour moving averages currently near converged at 1.0717. The move to the downside comes after a break back above those moving averages earlier in the late London morning session. The high price extended up to the low of a swing area between 1.0748 1.07636. The high price reached 1.07478 before rotating back to the downside.
Will traders come in against the moving averages and push the price back to the upside?
Key level for both buyers and sellers and for the shorter-term bias as the ups and downs continue in this pair.
This article was originally published by Forexlive.com. Read the original article here.