Down and up start to the week for the pair
The EURUSD drifted higher in the Asian session, fell in the early European session but found support at the 200 hour MA and 100 bar MA on the 4 hour chart at the 1.1160-63 area (see lower green and blue lines). The 38.2% of the move up from the August 1 low is also in that area at 1.11639. So it was a good support level to stall and indeed it did.
The price has now moved higher and is testing/cracking the 100 hour MA and a broken trend line, and the close from last week (at 1.1201) at the 1.1200 area (natural resistance as well). Above, on more momentum is the combination of the 100 day MA and the 200 bar MA on the 4-hour at the 1.1218-226 area. Recall from last week, those MAs were broken on Tuesday and Wednesday, but provided topside resistance on Wednesday and Thursday. If prefer to be a seller of the EURUSD, those levels would be a patient target on more upside today (with stops on momentum above).
So the week is off to a down and up day. The price is back near the close from last week at 1.1201, with topside resistance looming ahead (if the price is to squeeze higher this week, that area needs to be busted and stay busted). We established decent support at the MAs below (keep that in mind on more weakness). If the 1.1218-22 needs to be broken above for the bulls, the 1.1160-63 area needs to be broken below for the bears.
