The EURUSD has moved to new session highs, breaking above the 100 hour MA (blue line in the chart below) in the process at the 1.2442 level . The 1.2457 is the next target (low from November 5) and then a cluster of resistance against the 200 hour MA and a criss-cross of trend lines at the 1.2483/84 area. That level will be a difficult nut to crack but will test the buyers resolve.
EURUSD extends to new day highs as London traders exit for the day
The low to high trading range is nothing to “scream and shout” about at 63 pips, but the last push higher is indicative of the buyers winning more of the intraday battle. The price is above the close from yesterday at the 1.2419 level. The price is above the low from November 3rd at the 1.24383 level and above the 100 hour MA at the 1.2442. Battles can be won (and I like the EURUSD above 1.2438), but the war is most important.
The buyers will show me more by remaining above the 1.2438 now (RISK) and making a run -to and through -the cluster of resistance at the 1.2483-84. Then more bullish open road can be explored and talk of winning a war will start to creep in.
All “bets are off” if the price cannot hold above the aforementioned broken levels.
