Extends move above 100 day MA
So what is the EURUSD chart saying this morning:
- Break. The pair moved above topside trend line on the daily at 1.1061 and the kept marching higher (see daily chart above). It also trended above and away from the 100 day MA
- The pair has moved above the July 30 and July 27 highs swing highs at 1.1127 and 1.1112. These are now close support levels for the pair (see hourly chart below).
- The 38.2-50% of the last leg higher come s in at 1.1112-23. That should provide added support if the buyers are to remain in control.
- A topside channel trend line comes in at 1.1159 currently (moving higher on each hour). This is the next target to get and stay above. There was one look above earlier today, that failed.
- The 1.1186 was the high from July 13 and 1.1214 is high from July 10. They too are targets on increased upside momentum.
The bias remains bullish for the pair, with topside trend line to get above and stay above. The range today is extended at 135 pips vs a 22 day average of 107 pips. That may encourage more profit taking at technical targets (1.1159 being the one being tested now). Watch for momentum on breaks to confirm the buyers still like/love it (and the shorts are still feeling pain).
