Earlier I wrote on the EURUSD as sellers pushed lower:
The momentum has continued today with a break into a swing area between 1.04846 and 1.05335. In between sits the natural support at 1.0500.
I added:
This swing area should attract some dip buyers. If the 1.04846 level is broken, I would look for buyers to turn to sellers, however.
What happened? The 1.04846 level was tested (the low price reached 1.04872) and buyers came leaned and pushed higher. The price is now back above the 1.0500 on the rebound.
EURUSD moved down to test the low of the swing area
This article was originally published by Forexlive.com. Read the original article here.