EURUSD breaks lower but bounces off the 200 hour MA.... again ...Middle East

The decline extended through the 50% retracement and a key swing area near 1.0938, signaling a potential trend shift. However, buyers once again stepped in near the 200-hour moving average at 1.09146, which also acted as support yesterday alongside the 61.8% retracement level. The market respected that level again today, leading to a rebound.

Now, the EURUSD is trapped between two key technical zones—with the 100-hour MA serving as resistance above and the 200-hour MA acting as support below. Traders will be watching for the next directional push to resolve this battle. A break above the 100-hour MA would shift bias back toward the upside, while a move below the 200-hour MA would reassert bearish control.

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

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