EURUSD bounces ahead of the 100 hour MA target | Forexlive

During the morning technical forex video, I identified the 1.0925 level as a support that, if broken, would lead traders to target the rising 100-hour moving average (blue line, currently at 1.08975). The 1.0925 level was indeed breached, with the low price reaching 1.0902, just four pips above the 100-hour moving average, before bouncing back. What’s next?

The near miss with the 100-hour moving average highlights its growing significance. Remaining above this level suggests a bullish trend, but if broken, further selling is expected, targeting the 1.08629 – 1.08711 swing area, followed by the rising 200-hour moving average at 1.08537 (green line in the chart). For sellers to gain control, they must push and maintain the price below the 200-hour moving average, confirming the bias shift.

On the other hand, buyers – looking for more of a bounce off the 100 hour MA support level – will aim to surpass and hold above 1.0925 to resume the uptrend. This level was near the high prices from last Thursday and Friday (1.09257 and 1.0925) and dates back to March 23 (high price of 1.0929). Overcoming the 1.09438 level is also crucial for bullish momentum. Although sellers have made a move today, more work is required to establish more control.