For now at least
As mentioned in posts yesterday, the EURUSD has been whipping around. Rallies are sold. Price falls get bought. At the close yesterday, the price stalled near the 100 and 200 hour MAs (blue and green lines in the chart below). That is a neutral area for the pair.
Today, the price did move higher into the European session. The move higher took the price above the 100 day MA (it had some problems around the MA line at 1.1799, but has closed above the line over the last 10 hours). In the NY session, the price has come down near the line, but so far, that MA is holding support.
The price can go back below that MA and turn the bias around again. That is nothing new, but at least risk is defined and limited. If it stays above, the potential exists that perhaps the price heads up to test the topside trend line at 1.1835. A move above that line (see chart above) and the 50% of the move down from November 27th high at 1.18389 would open the door for more upside potential.
