Last 3 hours been above the level. 100 day MA/100 hour MA at 1.0623-248.
The EURUSD has been able to extend higher in the London/European session and in the process has built some value above the 1.0600 level. On Monday, the price reached a high price of 1.0606 but stumbled back lower in NY afternoon trading. The last 3 trading hours has seen the price get above and stay above the natural resistance level.
The high price has reached 1.06194. Just above that high is MA resistance defined by the 100 day MA at 1.0623 and the 100 hour MA at 1.06248. Both the hourly (intermediate traders) and the daily (longer term traders) are focuses on resistance at the same level.
Taking a broader view from the daily chart, the price fell below the 100 day MA AND the 50% of the move up from the Jan/2017 low on Friday's US employment day at the 1.0623 area. So not only is the 100 day MA but the 50% is at the same level. KEY LEVEL.
Yesterday, the pair extended the downside and in the process moved below a trend line. However, the price closed right near that trend line for the 2nd consecutive day. Sellers not pushing hard on the breaks.
Today, the high is lower than yesterday's and we are back above that trend line at 1.0598.
It is never a great thing technically to break levels like the 100 day MA, 50% retracement and a trend line on the daily chart, only to have those breaks fail. So that level at 1.0623 is key today. Stay below and the sellers are more in control. Move above that sellers should give up on the failures. So far, the lid is holding.
CONCLUSION: The buyers are trying to make a play on the upside with the move back above the trend line on the daily at 1.0598 and the natural 1.0600 level. However, one cannot ignore when resistance from the hourly (100 hour MA) and resistance from the daily (100 day MA and the 50% of the 2017 trading range) all line up together at price level (1.0623 area). Traders may lean above and below and book pips until a push shows a clear winner and loser, but the battle lines are set. Who is going to make the biggest push?