Forex technical analysis: EURUSD moves above 200 hour/50% retracement

Technical Analysis

Author: Greg Michalowski | eurusd

50% at 1.20018/200 hour MA at 1.20035

The EURUSD is shooting higher after the more hawkish minutes from the ECB.


The move higher has the pair moving above resistance at the 1.2000 area.  The 50% of the move down from the January 4 high at 1.20018 and the 200 hour MA at 1.20035. For longs/buyers you want to see momentum to continue above this area now.  

The 1.2022 is the 61.8% of the move down this year.  Above that the 1.2042 level is the swing low going back to July 2012.  We traded above and below that level earlier in the year (it was more sloppy).  A move above nevertheless would be more bullish. 

What don't you want to see for longs now?

The 38.2% of the spike higher comes in at 1.19827. That is also the 38.2% of the 2018 trading range this year. A move below that level would likely sour the mood of longs.