EURUSD toward the highs from last week at 1.1109 and 1.11158
The EURUSD has rotated back higher after an early NY session dip took the price down to test its 200 hour MA (green line) currently at 1.10685. That 200 hour MA was also approached on Monday, only to find early buyers against the level (see chart below) The holding of that MA increases that moving average levels of importance going forward. A break below it should solicit more downside selling. Keep that in mind.
For now, however, the move back above its 50% and 100 hour moving average at 1.1077-794 area has the bulls/buyers feeling more confident. Having said that there is overhead resistance at 1.1091 (underside of the broken trend line) and a topside trend line at 1.1097. Moves above each would have traders looking toward the highs from last week at 1.1109 and 1.11158.
For risk, intraday traders would like to see the 50%/100 hour MA now hold. A move back below would be a disappointment for the recent buyers.
PS there is EUR1.6B of options expiriong at 10 AM ET at the 1.1100 level.
For now, however, the move back above its 50% and 100 hour moving average at 1.1077-794 area has the bulls/buyers feeling more confident. Having said that there is overhead resistance at 1.1091 (underside of the broken trend line) and a topside trend line at 1.1097. Moves above each would have traders looking toward the highs from last week at 1.1109 and 1.11158.
For risk, intraday traders would like to see the 50%/100 hour MA now hold. A move back below would be a disappointment for the recent buyers.
PS there is EUR1.6B of options expiriong at 10 AM ET at the 1.1100 level.
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