Price trades above the 100 hour MA in choppy up market.
The EURUSD has moved to a new session high in what has been a choppy up and down move to the upside.
Technically, the price has been able to move above the old ceiling from May 10 and May 11 between 1.2176 and 1.2181. The pairs also been able to stay above its 100 hour moving average for the day. Yesterday the price fell but ultimately found support near its 100 hour moving average, and that stalled the fall.
Who is in control?
The buyers are more control:
- staying above the 100 hour moving average
- moving above the old swing ceiling again
- above the corrective low from Tuesday's trade near 1.21958
The range of 44 pips is lower than the 68 pip average over the last 22 days. So there is room to roam.
The highs for the week came in between 1.22321 and 1.22448. Those would ultimately be target if the price momentum can continue. The high for the week did take out the February 25 swing high on the daily chart below, but only by about 2 or so pips. That hi came in at 1.22424. That inability to extend above that swing high, started the corrective move lower yesterday. Getting back above that level would open the door and have traders thinking about making a run toward the high for the year at 1.23488 (reached on January 4).
The closest risk is the corrective low from Tuesday's trade at 1.21958. The corrective move intraday yesterday at 1.21882 is another risk level now. Stay above is more bullish.