As the U.S. session begins, EURUSD has dipped below the 100-hour MA (1.04839) but remains above the 200-hour MA (1.04718). Just below, a key swing area between 1.04529 and 1.04677 acts as additional support. This zone was also where price found a floor on both Monday and Tuesday.
With the moving averages positioned above the swing area, sellers need to break through both barriers to strengthen the bearish bias. A failure to do so could keep the pair in a range, with resistance between 1.0525 and 1.05325 capping further upside, and 1.04529 to 1.0467 the lower support area.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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