Topside trend line on the hourly is eyed
The EURUSD is trading near session highs after technically, the 50% retracement of the move down from the March 27 high was broken at 1.09571. The high price reached 1.0975 so far.
On the topside there is a trend line connecting recent highs on the hourly chart that cuts across at 1.0985. A move above that trend line would target the 61.8% retracement 1.10018 level. Above that looms the 100 day moving average 1.10278.
On the downside, traders will be eying as close risk the 50% retracement 1.09571. The price on the move higher today initially stalled against that level. After breaking above, the current bar low found buyers near the level as well. That combination of resistance and now support increases the levels of importance going forward. Stay above and the intraday bias remains to the upside.
Also helping the technical bullish technical bias today is the support at the lows near the pairs 100 hour moving average. At the opening in the Asian session, the price stalled near that moving average line (blue line). Later in the European/London session, the corrective low also found early buyers against that moving average line. If the price should correct lower traders will be eying that moving average line as a bias barometer going forward. Be aware.
