Held the 100 hour MA in the London session.

The EURUSD moved sharply higher yesterday after making a new year to date low at 1.11064 (vs 1.1109 previous low). The 3 pip break, was not what sellers were really looking for, Markit PMI was much weaker, and the squeeze higher was on (lower dollar).

Held the 100 hour MA in the London session.

Today, the pair extended above the 200 hour MA (green line at 1.1176 currently) and moved to above the 1.1200 level to a high of 1.1205.

Note the correction off the high. The low stalled at the 200 hour MA and bounced.. That hold increases the levels importance going forward. It will take a break back below to weaken the bias.

On the topside, the 1.1203 is the 61.8% of the move down from the May 13 high. A move above and staying above would increase the bullish bias.

Disclaimer: It is Friday. Friday flows from squaring up for weekend risk can continue the chop. It can also trend the market if the flows are skewed to one way or the other. The pair is up on the week, and holding the 200 hour MA is a bit more bullish (the price is also above the May 50% midpiont at 1.11847.