EURUSD snaps back. Tests 100 hour MA

Technical Analysis

Author: Greg Michalowski | eurusd

100 hour MA at 1.10853

The EURUSD fell to test the lows of the day in the first minute after the Powell headlines (low reached 1.1051), but has bounced back and trades up to the 100 hour MA above at 1.10853.  The high just reached 1.10842.  The price has backed off on the first test. 

EURUSD on the hourly chart
Sellers are leaning but I would expect more upside momentum on a break (stops) with the 1.1100 and then 1.1113 high for the week as upside targets. 

If the 100 hour MA holds, sellers would want to see the price crack below the earlier corrective swing high area at 1.1072 to 1.10735. Below that, the 200 bar MA will be also eyed. The price based at the 200 bar MA (green line) before moving to the high. 

EURUSD moves back off the 100 hour MA
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