EURUSD chops around with a small bullish bias

Technical Analysis

Author: Greg Michalowski | eurusd

Is it worth it?

The EURUSD is chopping around with the a small bullish technical bias. The price on Wednesday and into Thursday found a ceiling at the 100 hour MA (see blue line in the chart below). That was broken to the upside yesterday. The price has stayed above that MA in the up and down market today (the 100 hour MA is at 1.13575).  

On the topside the price 1.1400 area was a swing high back on November 29 and 30 (last week). This week, the price has moved above that level on Tuesday (for 5 or so hours), yesterday (one hourly bar with no close above), and today (two hourly bars with no closes above)  That is an upside hurdle.   

Above that is the 1.1318-24 where there are a number of swing levels (see red circles).  

Now, just because above the 100 hour MA, I am not all that in love with long or short.  There are Brexit risk for EUR too.  The price action is showing higher but also showing rejection of the run higher.   The price could go either way from here.  It is more of a coin flip.  Is it worth it?

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