After barely taking out the low from Monday at 1.06547 earlier today (the low reached 1.06536), the EURUSD started the recovery higher.
The price has now erased the declines for the day and is above the close from yesterday at 1.0686. The current price is trading at 1.06945. The next target is at the falling 100 hour MA at 1.07046. Above that and the falling 200 hour MA at 1.0718 will be eyed.
Earlier today, the high price stalled at the 200 hour MA and rotated to the downside. Getting and staying above both the 100 and 200 hour MA is needed to give buyers more confidence.
On Tuesday – through the up and down volatility from the US CPI – the price DID move above the 200 hour MA but stalled near the 38.2% and swing area near 1.0800 (up to 1.0805). The inability to extend above that target, gave the sellers the go ahead to push lower.. The price eventually moved below and stayed below the 200 hour MA.
PS also watch the swing area above between 1.0707 and 1.0724. The 100/200 hour MAs are near those levels.