And breaks above the 100 hour MA
It was not long ago, that the EURUSD was testing the lows from last week. A move above the 1.08404 would be a risk level and lead to "some" short covering. I guess "some" led to a little more than that (see post here). The risk defining buyers against the support were rewarded quickly.
Well, that 1.08404 level was broken and the price has rocketed back higher. In the process, the price has moved to a new session high at 1.08737 and above the 100 hour MA at 1.08658. The 38.2% at 1.08791 is the next upside target on more upside momentum.
