December 10, 2022

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EURUSD moves to a new session high

1 min read

Correction lower sniffed the 100 hour moving average. Price stays above.

The EURUSD is trading to a new session high post the weaker then expected ADP report. The pair has risen off a dip in the Asian session that saw the pair sniff the (get close)  rising 100 hour moving average . The low reach 1.1793. The moving average at the time was at 1.17886 (the moving average has since moved up to 1.17912 – see blue line in the chart below).

Correction lower sniffed the 100 hour moving average. Price stays above._

The move to the upside has also now taken the price back above the 61.8% retracement at 1.18146 of the move down from the July 30 high, and is testing a swing area between 1.1824 and 1.1830 (see green numbered circles). 

The high price from yesterday stalled somewhat randomly at 1.18446. That is the next target on further upside. The 1.18507 to 1.18568 area is a another target area (see red numbered circles).

* As I type the swing area with a high at 1.1830 is being broken, with the price moving now toward the high from yesterday, and the upper swing area between 1.18507 and 1.18568. A break above each would put the pair in the upper extreme from the months of July/August that peaked on July 30 at 1.19081. The high from July 30 was the highest level going back to June 29.
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