Ups and downs continue
The EURUSD fell on Friday. Today, the pair opened lower and rallied higher from the start - retracing most of the Friday declines in the process.
In the early London hours of trading today, the price moved above its 100 and 200 hour MAs (blue and green lines in the chart below - currently at 1.1777-793) and stayed above. That was the switch that turned the bias from more bearish back to more bullish.
The price has now moved up toward the 100 day MA at 1.17996 and just cracked above the level. The pair has other upside targets in the way including the 38.2% of the move down from the December high and the underside of a broken trend line at 1.18055. The high from Friday peaked at 1.1812.
The pair has been up and down as the year draws to an end. That type of trading will leave a bunch of technical levels to get to and through, when the market bottoms or tops and starts to move the other way.
As we head into the Christmas holiday weekend and the New Year, trading may continue to be dominated by the ups and downs (and spurts here and there). So pick your spots. Be patient. If you miss a run up, look for an extreme to potentially lean against. Try not to over trade.
