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The EURUSD bounced off a swing area support and is back testing retracement targets

The EURUSD . Swing area support in the early US session between 1.0721 and 1.07346. The buyers stepped in after the sharp fall on Friday and the continuation of fall in trading today.

The subsequent rally has now see the price move up to test retracement targets near 1.0759 if the price is able to get above that level, traders would look toward its 200 day moving average at 1.07854. The moving average was broken in the Asian session on the back of the election news in EU over the weekend.

In this video line what’s ahead. Can the buyers get the prize back above the 1.0759 level? Will sellers reenter after the bounce?

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

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