…but still work to do if the buyers are to take more control
The EURUSD moved higher yesterday and in the process extended above its 100 hour moving average (blue line) tilting the shorter term bias in the favor of the corrective buyers. However in the Asian session today, sellers pushed the pair lower, and in the process saw the price move down to retest its 100 hour moving average at 1.19061. The low price reached 1.19109 and bounced.
The price just moved to a new session high at 1.19546, and above the high from yesterday (at 1.19522). The high still remains below the 38.2% retracement of the move down from last week’s high price (and trend lower). The 38.2% retracement comes in at 1.19615. That retracement level still remains a minimum hurdle if the buyers are to lay claim to more control. Failure to do that and the glass is still less than half full despite the rise above the 100 hour moving average.
Other targets include the 50% and the 200 day moving average which are both near 1.1995. The falling 200 hour moving average is at 1.2004 (and moving toward that 50% and 200 day moving average level)
Overall, the correction and support by against the 100 hour moving average keeps the buyers imply. However there is work to do if they are to take more control.