EURUSD fell after higher-than-expected inflation data from the US GDP report. The fall took the price back below the 38.2% retracement at 1.0709 and down to test its ascending 100 hour moving average at 1.06786. Support buyers relied on this moving average level and pushed the price higher.
Getting back above the 38.2% retracement at 1.0709 and staying above this level is necessary to increase the bullish bias. Above this level, a swing zone up to 1.07314 would be targeted.
Today’s high price stalls just short of its 50% midpoint of the April trading range at 1.07425.
EURUSD Falls to the 100 Hourly MA, Finds Buyers
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