Trades above 2019 midpoint
The EURUSD is stretching higher and in the process is working toward the 100 day MA. The pair is continuing the run higher from Friday. On Friday, the pair moved above the 100 and 200 hour MA. The break of the 200 hour MA was the first break since January 15.
Today, the corrective low in the European sesssion was able to take a look below the 38.2% at 1.13958 and the swing high from Wednesday at 1.1394. The low reached 1.1390, but quickly reversed back to the upside. The choppy move higher off the low, has been able to get above the 50% retracement of the 2019 trading range at 1.1429 (a bullish step). That 100 day MA looms large at 1.14488.
The EURUSD range is a modest 47 pips so far today. The 22 day average is 75 pips. So there is room to roam. The technical question is can the price stay above the 50% level now and make a run to the 100 day MA? Watching for support at the 50% now.