The EURUSD has pushed above the 100 hour MA (blue line in the chart below) at the 1.1590 level (now intraday support) and traders covered pushing the price to new day highs and above the highs from trading yesterday. The push comes despite better than expected US housing data. The pair will be influenced by flows ahead of the big risk event tomorrow in the ECB decision., followed by the press conference from Mario Draghi. Understand it is a trading market so trade with a degree of caution.
EURUSD breaks above the 100 hour MA
The 2005 low from comes in at 1.1639 and this will be a target on the topside in trading today. On Monday, the high stalled at this level. This level should solicit selling on a test.
