Price breaking above 100 and 200 hour moving averages and extending the range
As ECBs Lagarde press conference continues and after better claims data, and lower US GDP, the EURUSD is breaking to the upside, and making new highs.
Prior to the recent break, the pair had been waffling up and down and very choppy trading. At the lows, the price dipped below the lower swing area between 1.1583 and 1.1586 but only to 1.15815 (twice). Sellers had their shots, and they grazed the target, but it was a superficial wound.
The price break to the upside has now seen the price move above both the 100 hour moving average at 1.16133 and the 200 hour moving average at 1.16238. Both on Tuesday and Wednesday, the price skimmed above those levels only to quickly reversed back to the downside (they had their own shots and superficial wounds as well). Traders will now watch those moving averages as support. Stay above tilt the bias to the upside.
With Lagarde speaking, the the flows can support more volatile trading. That is what we are seeing with a more bullish technical bias for now at least.
