EURUSD moves lower and tests the 100 hour MA. Finds buyers.

The EURUSD fell after the higher than expected inflation data from the US GDP report. The fall took the price back below the 38.2% retracement 1.0709 and down to test its rising 100 hour moving average at 1.06786. Support buyers leaned against that moving average level, and have pushed the price back to the upside.

Getting back above the 38.2% retracement at 1.0709 and staying above that level is needed to increase the bullish bias. Above that level, and a swing area up to 1.07314 would be targeted.

The high-priced today stall just ahead of its 50% midpoint of the April trading range at 1.07425.

This article was written by Greg Michalowski at www.forexlive.com.