Broke below on August 1 at 1.1678 and trended to a low of 1.1529 yesterday
The EURUSD is also pushing to a new day extreme. It traded to a new session high price at 1.16077 and in the process has pushed above its 100 hour MA for the first time since last Wednesday (August 1). On that day, the price cracked below the MA at 1.1678 and trended to a low of 1.15296 yesterday before starting a rebound.
The pair yesterday was able to get above a channel trend line.
Today, the price moved above the highs from yesterday and the swing low from July 19th (yellow area). The price based near there and that has led to the move above the 100 hour MA.
The best case for the buyers is to stay above the 100 hour MA (at 1.15957). That is close risk.
Taking a look at the daily chart, watch the 1.1620 level. That is the underside of a broken trend line. The price broke below that line last week, retested the line, before falling lower (see green circles). Now, we are moving toward line again. Do seller lean against that line now? Key target.
Drilling to the 5-minute chart, a trend line is defining the move higher. A break below and the 100 bar MA should see the price rotate toward the 38.2% of the move higher and the 100 bar MA (rising blue line at 1.1582 now).
Testing the trend line and the 100 hour MA as I type.
