Better PMI data helps to push the pair higher
The EURUSD has move higher in the European session helped by a weaker dollar and better PMI data.
Looking at the hourly chart below, the price has been able to extend back above its 100 hour moving average at 1.11885. That level has been able to hold support over the last 5 or so trading hours and will be a bias defining level. Stay above should be more bullish. Move below is more bearish. On topside look for more momentum above the 1.1200 level. The high price extended up to 1.1206 but momentum slowed.
Taking a broader look by looking at the daily chart, the 1.1224 level is shaping up to be fairly key level to get above and stay above if the bulls are to take control.
At the level is the 50% retracement of the 2019 trading range. Also, a downward sloping trendline (which was briefly broken last week) is crossing near that level. The high from last week reach 1.1238.
A move above the 50%/trendline level at 1.12241 will then need to get the confirmation through the high price from last week to give the buyers more confident.
If your trading bias fundamentally is to sell the EURUSD, it would not be great - from a technical perspective - to trade above the 50% retracement and last week's high (and stay above that level this week). Traders can lean against that area on any rally. On the downside, the 200 day moving average at 1.1140 (green line) needs to be broken and stay broken for the bears to have more confidence that the focus will be more to the downside going forward.
