EURUSD spikes higher and extend above its 100 day moving average at 1.1070
Watch the level
The EURUSD's move higher has continued with the price cracking through the 61.8% retracement at 1.1052, a swing area at 1.1051-55 without much problem. The pair also extended above its 100 day moving average at 1.10704 to a high of 1.10761.
The price has traded above and below that key 100 day moving average over the last few minutes. This may give traders cause for pause.
Looking back to November 22, the price also moved above that 100 day moving average briefly, only to fail and move back lower. On November 21, the price was able to stay above the 100 day MA for a couple hours, only to also fail. Traders will be looking at the break with that recent price action history in mind.
The range for the day at 74 pips so far. That is well above the 41 pip average over the last 22 trading days (about a month of trading). The price may tire as a result. However, I would be careful on a momentum move above the 100 day moving average (so keep a close stop if selling as a trade).
On a dip, the 1.1051 to 1.10553 (yellow area) would need to be broken to the downside to hurt the bullish bias.
Buyers are in control, but there may be a pause around the 100 day MA intraday.