The EURUSD is getting an early NY push to the upside, extending the range higher and moving above the closing level from yesterday (at the 1.2894 level – watch for ). The pair tested the midpoint of the trend move down from yesterday’s/the week’s high at 1.29082. It has moved above the 100 and 200 bar MA (blue and green lines at 1.2883/85) on the 5 minute chart holding above the 100 bar MA after making new lows in the early European session (see chart below). Traders looking for more of a corrective move higher today, can use these MA as risk defining levels in trading today. Stay above and a further correction move higher will be eyed. Move below and there should be some further disappointment from the dip buyers.
EURUSD shows some life in early NY trade, but some work to do.
The low prices from last Thursday and Friday at 1.2919 and 1.2921 remain other hurdles on the topside . A move above each will give more confidence to a corrective move today. Test time for the buyers if you want to take back some control.
