EURUSD moves higher and tests- moves above- topside trend line

Technical Analysis

Author: Greg Michalowski | eurusd

Moves above and away from 100/200 hour MA

Moves above and away from 100/200 hour MA
The EURUSD has moved higher to test - and now move above - a topside trend line at 1.2150.  The buyers remain in control for the pair.

Earlier, the price moved up toward the 100 and 200 hour moving averages (blue and green lines), traded around the levels, but is now breaking further away.  The moving averages are now risk levels going forward for longs. Stay above is more bullish.

For the week, the price last Friday closed at 1.2170. With the current price trading at 1.2152, the pair is still lower on the week but well off its low levels from Wednesday. On Wednesday, the fall took the price down toward the low from January 18. However buyers leaned and force the price back to the upside. On Wednesday and again on Thursday, the aforementioned moving averages did a pretty decent job of holding resistance. Today's move to the upside and above the moving averages, is a tilt more to the bullish bias.

The high from Wednesday reach 1.2168. The high from Tuesday reach 1.2175. The high for the week on Monday extended to 1.21828.. Those are all upside targets on further momentum today.
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