EUR/USD Rebounds From Sharp Selloff

Yesterday the EURUSD closed at 1.4924.  The move back up off the low today has reached 1.4924.  Look for the level to attract sellers. If the price moves back above, it should encourage the dollar bears once again.  The target on the upside would extend to 1.4943 area where the trendline on the daily comes in.

A move back below 1.4913  (100 bar MA on the 5 minute chart - blue line) should confirm a further downside move toward 1.4905 and 1.4890.

If downside momentum can be established the price of the EURUSD could correct down to the 100 hour MA which currently comes in at the 1.4825 level. The low today reached the 1.4842 level.

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