Pair continues the technical rally into the close

The EURUSD is moving to new session highs as the day comes to a close.

The pair is trading at 1.1787 currently. That takes the price closer to the falling 100 hour MA at 1.17952. The price dropped below the 100 and 200 hour MAs on Tuesday last week, and ran lower. The move closer to the 100 hour MA is the first serious test since that drop.

You kind of expect sellers to lean on the first test/look, with stops on a break above.

Helping the techncal view is that the EURUSD bounced off a key support target at the lows today. The 38.2% of the move up from the December 2016 low came in at 1.17133. The lows from November and December 2017 came in at 1.1712 and 1.17172. The low today reached 1.17159 - between those levels (see earlier post here).

That hold and bounce was key and can be enough to spur on a further correction.

So far, the patient buyers against the key support have been rewarded with a move toward the 100 hour MA. What happens next, is dependent on the "markets" ability to get and stay above the 100 hour MA. Stay below? or move above?

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