Showing a little upside love
The EURUSD has cracked above its falling 100 hour MA at 1.10936 and looks toward the 100 bar MA on the 4-hour chart at 1.11029. The pair last moved above the 100 hour MA on December 19 for an hour before failing and moving back lower. Risk focused traders will want to see the price stay above that MA level to keep the intraday bias more bullish. Move back below and the technical waters are muddy again.
In addition to the 100 bar MA on the 4-hour chart at 1.1103 level, the falling 200 hour MA at 1.11156 and the 38.2% of the move down from the December 13 high comes in at 1.11164 are targets on more upside momentum.
Remember, the markets are missing many traders as they shop in stores for after Christmas sales (and many enjoy holiday's with their friends and families). So don't expect rainbows and unicorns in your trading. Activity can be quite choppy. However, stocks and bond markets are open. There is a 7 year note auction at 1 PM today.
US mortage applications fell for the 2nd week in a row. The jobless claims data came in close to expectations at 222k vs 220K estimate.
