Price trends higher today
The EURUSDs run to the upside started early in the Asian session after the pair found buyers in the first few hours near the swing area in the 1.21473 to 1.21516 area (the low for the day was just below that level at 1.21462). The subsequent move above the swing highs from May between 1.21763 and 1.21810 from last week, opened the floodgates for a stronger move to the upside. The pair reached 1.22334 and has backed off a bit (currently trades at 1.2216).
Looking at the daily chart, the move higher is getting closer to its February 25 swing high which reach 1.22424. The high got within nine pips of that level. A break above the level, would have traders looking toward/targeting the 2021 high price from early January at 1.23488.
Drilling down to the 5 minute chart below, the pair started the day basing the first few hours against the 100/200 bar MAs (blue and green lines in the chart below). The price then took off like a rocket, running away from the MAs in the process. The rising 100 bar moving average currently comes in at 1.2202.
There is some cracks in the trend move in the last hour as the recent high momentum break, seems to be failing at 1.2223. It may not mean the end of the move higher, but some of the trend may be coming out of the pair in the short term. It will take a move back above that level now to reassert the bullish bias back to full control intraday.
Nevertheless, if the downside probing can find buyers near/above the rising 100 bar MA (at 1.22023 - and the swing low at 1.22057 too), the sellers are still not winning. The price can base and move higher from there. A move below, however, and the waters get a little more muddy.
