December 5, 2022

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EURUSD starts the New York session above the 100 hour moving average

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Can the price stay above the MA and keep the bullish bias today?

The EURUSD is starting the New York session above its 100 hour moving average at 1.224050. The price in the European session moved up to test that moving average, before breaking above 3-4 hours. The high reached 1.22187. There was a test of the moving average in the last hourly bar and also in the current hour bar.

   

If the prices able to find support and stay above the line, the buyers would remain in control from a technical perspective. The highs from last week ranging from 1.2232 to 1.22448 would be the upside targets. 

Break back below the 100 hour moving average and 1.21958 and 1.21882 would be the next target. The 1.2176 to 1.2181 represented a swing area going back to May 10 and May 11. The price index today in the European session did will below that lower area but could not sustain momentum down to the 38.2% retracement of the move up from the May 13 low at 1.21707.  

The move higher in the EURUSD, has been helped by the rise in the EURGBP.   The pair based against its 200 hour moving average before moving sharply higher.  However, after extending above the 50% retracement and the highs from last week near 0.86425, the pair has moved back lower in early New York trading. So it  seems to have reached a limit for now. The 50% at 0.86397 and the swing highs from last week at 0.89425, are now resistance once again.

 

EURGBP in play today
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