Trades to new session highs
As the GBPUSD tests lows for the day, the EURUSD is going the other way and testing highs.
In doing so, the pair is taking a look above the 100 day MA at 1.13629. The price just reached 1.13656. The 50% of the move down from the January high (call it the 2019 trading range), comes in at 1.1372. Moving above the 100 day MA, and the 50% retracement should solicit more buying from the bulls. Stay below keeps the lid on the pair.
Drilling to the hourly chart below, the low today stalled ahead of the rising 100 hour MA (blue line in the chart below) at 1.13324. The low today reached 1.1335. Staying above that MA gave buyers the "go-ahead" for more upside probing. The pair also failed on the break of the 1.1338-43 swing area (see yellow area). That too was a reason to buy near the lows.
Buyers are in control with key resistance ahead Get above though, and the buyers have more technical reasons to take the price higher. Stay below could see the buyers turn to sellers (does it go back to the 100 hour MA?). Key area tested.
