100 hour MA catches up with the price
The EURUSD move higher after the CPI data and in the process tested its 100 hour moving average at 1.19104. That moving average has caught up with the price after the consolidation/correction over the last few days.
The level represents the minimum hurdle for buyers if they are to take more control from the sellers. If the price is able to extend above, the high from Monday at 1.19317 followed by the 38.2% retracement at 1.19411 are other minimum requirements to tilt a bias a little more in the favor of the buyers after the sharp declines seen since February 25th. Ultimately, a further hurdle would be the 50% of the last leg down at 1.19739, and the falling 200 hour moving average which is still a ways away at 1.19886. The current price trades at 1.19034.
The range today is only 43 pips versus a 22 day average of 71 pips. The low for the day stalled near a swing area between 1.1864 at 1.1868. Holding of that level (see green numbered circles), has left day extreme below the area. Traders looking for more corrective move to the upside would not want to see the price move back below that area going forward (red shaded area