EURUSD bounces back above Asian low after test of lower swing area holds support.

The EURUSD moved lower in the US morning session and in the process tested a lower swing area between 1.01148 and 1.0121. The low morning session reached 1.0122. The inability to extend lower, has seen some profit taking buying as the pair remains stuck in the range that has confined the pair between 1.0096 and 1.0283 over the last 12 trading days.

With the price near 1.0160 is trading near midrange. Earlier in the session, the pair moved up to test the 100 hour MA but found willing sellers.

So overall, the pair remains below the MAs on the topside, and above the swing area below. In the view of the 12 days, being below the 100/200 hour MAs is a downside tilt, but holding the lower extreme over the 12 days, continues to tell the story, that the EURUSD remains in the mud.

/inflation