Forex technical analysis: EURUSD is higher on the day

Technical Analysis

Author: Greg Michalowski | eurusd

Following the dollar lower

The EURUSD stalled the fall earlier in the NY session at the lows from yesterday. The low was also above the 100 hour MA (blue line step line in the chart below)) which was in jeopardy of breaking. That was not to be, and the price has been wandering higher since then. 


The pair just reached a new NY (and European) session high at 1.2268. That has also taken the price above the close from yesterday at 1.22584.  The pair is now positive on the day.  

What next?

The buyers are taking out levels intraday with the 100 bar MA broken, the 200 bar MA broken and now the close from yesterday and the 50% of the day's trading range.   Close risk is the 50%/close at the 1.2258 area.  Other risk is the 200 bar MA on the 5-minute at 1.22376 currently. 
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