EURUSD retraces most of the early session declines

Technical Analysis

Author: Greg Michalowski | eurusd

Moves back toward unchanged on the day

The EURUSD has moved up to a high of 1.0842 after falling in early trading to 1.0811.

Moves back toward unchanged on the day  
Technically, at the early session lows, the pair got within about 3 pips of the 100 hour MA at 1.0808 level (see blue line in the chart below).  Buyers leaned against the level and took the price back higher. 

The recent highs has now moved back above the 200 hour MA at 1.08358 (green line in the chart below).  That is a little more bullish, but the price is not running higher.  

The pair seems to be running into some minor resistance at the closing level from Friday at 1.0846.  The pair has gotten to within 4 pips of the level but is stalling.  Going forward, a move above should solicit more probing to the upside with stronger resistance today at the swing level defined by swing lows and highs going back to Feb 12 in the 1.08607 to 1.08646 area.  

A move back below the 200 hour MA can not be ruled out. The momentum is not all that great.  On more weakness, keep an eye on the 1.08207 area. that was near intraday highs on Thursday and again Friday before breaking higher. 

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