EURUSD squeezes above the hourly moving averages
The EURUSD has squeezed higher and in the process has moved above the 100 hour MA at 1.12832 and then the 200 hour MA at 1.12889. The high price reached 1.12984 - just short of the natural resistance at 1.1300. The 50% of the range since November 30 comes in at 1.13044.
Can the MAs now hold support?
That is what the traders will be eyeing. A move below and there may be some disappointment.
Conversely a stay above and the 50% retracement 1.13044 followed by the swing highs from Tuesday and last Friday at 1.13228 become the upside targets.
