EURUSD bounces off swing area

Back above 100 hour moving average

The EURSD moved down and tested a swing area at the 1.08086 – 15.  The low for the day reached 1.0808 and bounced.  Buyers leaned. Buyers are making a play  

The moved back higher has taken the price back above its 100 hour moving average at 1.08249.  If the price can stay above that level, the buyers will likely look to test the high for the day at 1.0850. Above that the 38.2% retracement of the move down from the May 1 high comes in at 1.08623. The 200 hour moving average comes in at 1.08698.

If traders like the long side, the buyers are making a play off the swing support and back above the 100 hour moving average. Those levels will be eyed for support by the buyers going forward.  

If this is just a rebound off of support, the trend line may be it for the rally. An intraday battle is underway but the buyers are making the more aggressive play.
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