US stocks in premarket are moving higher
As the White House goes on news services and speaks about piecemeal stimulus, the stocks have turned higher and so has risk on sentiment (dollar selling). The EURUSD is trading to a new session high.
Him Looking at the hourly chart, the EURUSD tumbled yesterday on the headline news of the stimulus talks being stopped. The price fell below its 100 hour moving average (blue line) and trading in the Asian session took the price below the 38.2% retracement 1.17325.
In the late Asian session prices started to rebound and extend back above its 100 hour moving average (currently at 1.17492). The price in the London morning session corrected down toward that line and found buyers against the level. Bullish.
The run higher in the North American morning session has now taken the price above a swing level between 1.17647 and 1.1769. Stay above that level is close support now.
The next target would look toward the 1.1797 (call it 1.1800). The high from yesterday extended to 1.18072. A trendline going back September 10 comes in at 1.1809 and moving lower. Get above that level and the door opens up for further upside.
