The EURUSD moved above the 100 hour MA and underside of the trend line and did what it was supposed to do…go to the 200 hour MA (green line in the chart above 1.2336). Now the price is looking for more as it moves above the MA level and the high from yesterday at 1.2342. The next targets become the other highs for the week – Monday’s at 1.2372 and Tuesday’s at 1.23848.
On the downside, a move back below the 1.2336 (200 hour MA) and then 1.2325 has been highs and lows going back to end of July) would not be welcomed by the buyers in this skittish market. Until then, the bulls are still in charge.
