200 hour MA at 1.12546. 50% at 1.1257. High reached 1.1254 in London morning session
The EURUSD is having a more lively day than yesterday when the low to high trading range was only 32 pips. The range today is 54 pips which is near the 22-day average. The move has been helped by better data in Asia from China and Australia. Later in the London session, better PMI services data, a rising stock market and yields (Germany 10 year is back above 0.0%), helped to push the price higher (risk flow out of the USD also helped).
Technically, the price tested the 100 hour MA (blue line) and based against the highs for the day before moving higher.
That move took the price above a trend line and toward the 200 hour MA (currently at 1.12546). The 50% of the move down from the March 25th high (start of last trend move lower) comes in at 1.1257. The high stalled at 1.1254. We currently trade at 1.1242. The broke trend line is at 1.1236. A move below will take a little of the shine off the run higher.
Drilling to the 5 minute chart below, the 100 bar MA is at 1.2348 (and rising). There was a small dip below that MA before running higher in the European session. A move below it and the trend line on the hourly, weakens the picture a bit intraday. The 200 bar MA is lower at 1.12223 (and rising). Go below it would be more trouble for the bulls.
For now, however, there is some selling ahead of resistance above, but the buyers are still in control intraday.
PS the EURUSD moved lower on 8 of the last 9 trading days coming into today. The close yesterday was 1.12037. Barring a lap all the way back down, the buyers are making a corrective play in the pair.
