EURUSD consolidates the gains in the NY session but moving back higher.Buyers take a shot.

Technical Analysis

EURUSD on the 4- hour chart

The EURUSD is consolidating the gains in the late London/early US session with the price moving above and below the 38.2% of the move down from the January 2022 high. That level comes in at 1.02841. The retracement level is bookended by a swing area between 1.0273 and 1.0293.

The low price in the New York session reached 1.0265. The current price is trading at 1.0312. The high price for the day reached 1.03323

The next target area comes in at 1.0339 to 1.0365 area (see blue numbered circles on the 4-hour chart above)

Looking at the 5 minute chart, the swing low in the NY session moved to test the rising 100 bar MA (blue line) which is currently at 1.02758. The bounce off that level increases the MAs importance in the short term intraday basis.

A move below it and the 38.2%/swing area on the 4-hour now would not be a good signal at least in the short term.

EURUSD on the 5 minute chart

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