EURUSD extends above topside MAs today

Technical Analysis

Author: Greg Michalowski | eurusd

Price of EURUSD moves above the 200 hour and 200 day MAs

The EURUSD has extended above topside MAs today. Both the 200 day moving average at 1.11365 and the 200 hour moving average currently at 1.11377 were broken earlier (and have remains broken over the last 3 or so hours).  Bullish shift technically. The price has not close above its 200 hour moving average since January 7. The price did move above its 200 day moving average in trading on Monday and Tuesday, but could not extend above the higher 200 hour MA. So the price rotated back lower.  

Price of EURUSD moves above the 200 hour and 200 day MAs
The high price today extended to 1.11543. The next target comes in at the 50% retracement on the hourly chart at 1.11615.

Risk for traders would be for a move back below the dueling 200 bar moving averages. As long as the price can remain above the bulls remain in control. A move below and the technical bias becomes more muddy.

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