EURUSD breaks above resistance and approaches the 100 hour MA

Technical Analysis

Author: Greg Michalowski | eurusd

Watch 1.17809 now


Watch 1.17809 now
The EURUSD has broken to a new session high, and in the process has moved above a resistance area near 1.17809. Watch that level for close support now. 

The 100 hour MA at 1.17933 will be the next hurdle if the rally can continue, followed by the highs from yesterday at 1.18019. A downward sloping trend line cuts across on the hourly chart near that level at 1.1803.  

The pair did cracked below support at 1.17632 (see earlier post). That was the low from Monday's trade, but momentum could not be sustained toward the lows for the day and the lower downward sloping trendline.  

Although the price has extended to new highs, there remains other hurdles to get to and through for the buyers.  Nevertheless, the failure below and the break above, is more favorable intraday (with more work to do)

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