1st time above since February 1
The EURUSD has moved above the 100 hour moving average after testing it on the last 2 hourly bars post the employment data. The corrective move off those levels stalled at 1.2000. That did dipped below the swing area between 1.20027 and 1.2010, but held the natural support at the 1.2000 level.
The pair is now breaking above the 38.2% retracement level as I type at 1.20294, and has moved up to a new session high of 1.2034. Stay above the 100 hour moving average keeps the buyers more in control.
The high from yesterday's trading came in at 1.20422. The 50% retracement is up at 1.20534 of the move down from the January 29 high. Those are targets on further upside momentum.
Buyers are to take more control and surpassing minimum targets for a corrective move in the process (100 hour moving average and 38.2% retracement). Can they keep the momentum going?
