EURUSD in the short term, not backing off any

Technical Analysis

Author: Greg Michalowski | eurusd

The 100 bar MA on the 5 minute chart continues to hold support

The EURUSD showed trend like characteristics at the start of the NY session and those characteristics remain.

The 100 bar MA on the 5 minute chart continues to hold support
Looking at the 5- minute chart, I spoke to that chart earlier today. At the time the price had found support against the 100 bar MA. It continues to find support against that MA level.  The current level current comes in at 1.18808. Stay above and the buyers are still winning. The sellers are not.  

Taking a broader look at the hourly chart below, the price of the EURUSD has moved up to test the 61.8% retracement of the July trading range. That level comes in at 1.18893. The high price has reached 1.18904 just above that level. A move above that level, - and the swing high going back to July 5 at 1.18947 - would open the door for further upside momentum.  

Target area above. Close risk below.  Buyers in control. 

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