The 100 hour MA is at 1.0777 level
The EURUSD has moved higher in the session today and in the process has been able to extend above its 100 hour moving average currently at 1.0775. The price has not traded above that 100 hour moving average since March 11. That shift today was the minimum to give the buyers more control in the shorter/intermediate term. Stay above in trading today and the buyers have hope for further probing to the upside. Move below and the correction higher is a plain-vanilla modest rebound.
On the topside, the price today did move above the 38.2% retracement at 1.08643. The high price extended to 1.08873 before rotating back lower over the last hour or so. The inability to extend higher toward the trend lines that 109.23 area was disappointing and makes the correction of the plain-vanilla so far at least. If the buyers are to take more control, getting and staying above the trend line, the 50% retracement of the move down from the March 16 high (the last time the 100 bar MA was tested) and the 200 hour moving average at 1.09524, would be needed to take this move higher to the next levels.
So overall, there has been some buying momentum, and if the price of the EURUSD can stay above its 100 hour moving average at 1.07775, there is upside hope. However, the first run higher fell short of other targets. The rally has done the minimum. There is work to do on the topside with more hurdles to overcome up to the 200 hour moving average 1.09524 (and moving lower). On the downside, don't go back below the 100 hour MA. If so, the exercise to the upside is a plain-vanilla correction.
