Price moves back above the 100 hour MA.
The sellers had their shot in the NY session. The price moved down to test the 1.17248 area which is home to swing lows and highs over the last three days. The price low reached 1.17232 but could not sustain momentum. The last couple hours has seen a slow rise to the upside with the price more recently moving back above the downward sloping 100 hour moving average at 1.17375.
The breaking of the 100 hour moving average is the second attempt today. Earlier, the price moved above only to rotate back down in the next hourly bar. Now with the price trading back above it, the buyers have their shot to push higher.
On the topside the 1.1751 to 1.17566 is a swing area that would need to be broken to give the dip buyers added confidence.
