The pair bottomed on Friday near the 100 day MA and has been stepping higher
The EURUSD bottomed on Friday after breaking briefly below its 100 day moving average (see blue line at the bottom of the chart) for a few hours. The price extended above the 100 hour moving average (blue line) on Friday (after the US jobs report). The pair yesterday traded mostly between its 100 and 200 hour moving averages in a consolidation range.
Today, the pair resume the upward momentum after breaking above its 200 hour moving average (green line currently at 1.20552). More recently the pair has moved above a swing area between 1.20802 and 1.20865. That area will be eyed for support intraday. If the price can stay above, the buyers remain in control.
The high today did stall near a topside trend line on the hourly chart above. Getting above that trend line will be needed to open the door for more upside probing.
Overall, the buyers hold onto a little more control after stepping higher over the last few days and breaking technical targets along the way. However, the retracement of the move to the downside is running into the next resistance level which is providing some stall.
