December 10, 2022

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EURUSD stays above 100 hour MA

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Buyers keep in control in the EURUSD above the 100 hour MA

Buyers keep in control in the EURUSD above the 100 hour MA
The US opened with the EURUSD above the 100 hour moving average (blue line), and the price moved to a new session high at 1.22295. That was short of the next closest target at 1.2332. 

The subsequent move back to the downside in the last few hours has pushed price back down toward that 100 hour moving average at 1.2205. However buyers continue to lean against the level. The last lows came in 1.22041 (just below the moving average level) and 1.22051, with each bouncing. The price is currently at 1.22157.

With support buyers against the 100 hour moving average, the trading bias remains in favor of the buyers. It would take a move back below that level, to turn buyers to sellers.  

Without that, the same 1.2232 level is the next target with other swing highs from last week up to 1.22424 as subsequent levels to get to and through. PS. the February 25, 2021 high price comes in at 1.22448. The high for the year from January 6th reached 1.23488.

Should the support at the 100 hour MA give way, the next targets become 1.21958, 1.2188 and then the swing area between 1.2176 and 1.2181.  

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