Above the MA cluster after Draghi turns a bit more hawkish
The EURUSD has moved above the MA cluster and is trading at new session highs. The pair is moving to test the 61.8% of the move down from the Monday high at 1.0639. A move above the 61.8% will next have the 1.0629-32 to target followed closely by the 200 bar MA on the 4-hour and high from Monday at 1.0639/41 area.
A move to the 1.0630 area would imply a 107 pip trading range for the day. To the 200 bar MA on the 4-hour chart would target 116 pips for the day. The 22 day average is 70 pips. We are currently at a 90 pips range. I would expect to see patient sellers leaning near the targets on a slow climb to the area, but with a short leash as there could be stops on a break.
The buyers are in control.
