Bounces off intraday trend line
The EURUSD has been ratcheting higher today. The pair bottomed in the early Asian session near the 100 hour MA and moved higher since then.
Looking at the 5 minute chart above, the price moved back above the 100 bar MA early in the Asian session and retested that trend line later in that session. The London low also found early buyers a few pips ahead of that MA line.
The jobless claims number did send the pair below that MA line, but trend line support and the 38.2% of the move up today found buyers at the 1.18235 level. The price is back up at 1.1839 currently.
For traders, watch that 100 bar MA (currently at 1.18285 and moving higher) and the trend line at 1.1824 (and moving higher) for bias clues. Stay above keeps the buyers in control. Move below and the intraday tilt should see more downside probing with the 50% retracement 1.18145 and rising 200 bar moving average as the next downside targets (at 1.18135 and moving higher).
Looking at the hourly chart, the price action to the upside yesterday took the price briefly above its 50% retracement of the move down from the August 6 high at the 1.18128 level. The price high moved to 1.1816. In the Asian session today, the price high stalled against that 1.1816 level again. After a brief correction, the level was broken. The lowest low after the break stalled at 1.1815. Keep that level and the 50% retracement as potential bias defining levels.
