The EURUSD stalled the rally between the 200 and 100 hour MAs earlier in the NY session, but has now broken above the higher MA at 1.07197 and sellers are turning to buyers. The price has reached 1.0733 on the stops. The high yesterday reached 1.07385. Above that and traders will target other swing levels at 1.0748 adn 1.07637 before looking toward the 1.07857 high from last Friday's trade.
As outlined in the earlier post, the move down yesterday was able to get below a swing area between 1.0633 and 1.0641, BUT not below the 30.2% retracement of the move up from the May 13 swing low. The inability to reach that minimum retracement level, gave the buyers more confidence. Getting above the moving averages increases that confidence.
Risk is now the 200 hour moving average at 1.07097
