The EURUSD selling continued into the morning session and in the process moved into a swing area defined by the 100 hour MA at 1.09664, and the 38.2% up at 1.09818. In between was the high from last week at 1.09728.. The low stalled at 1.09717 right near the middle of the support cluster.

The price has moved up to 1.0990 on the rebound.

Holding that area probably gives the buyers the control. The correction lower although fast DID hold the target area and the price remains above the 100 hour MA and the 38.2%. Those are two technical levels that would need to be broken at a minimum, if the sellers are to take more control.

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