Tested earlier and held. Can it test a 2nd time?
The EURUSD was able to move back above the 100 day MA at the 1.10379 level (see earlier post) and we are now seeing a further move higher in the pair. Earlier today, the price extended to the 100 hour MA (blue line in the chart below) and a topside trend line (see blue circles) and held. The price is looking toward that same combination. This time it is a bit lower at the 1.1088.
Look for patient sellers to line up against the area on another test with stops above. Risk can be defined and limited. A move above the high for the day at the 1.10945 should see further upside with the midpoint from last Friday's trade (the range since that time) coming in at 1.1115. Holding the resistance may start to ping pong between the 100 day MA below at 1.1038 and the 100 hour MA above (at 1.1088).
