The EURUSD has defied the break of the key parity level after running to a low of 0.9950 and stalling well ahead of the next key target at 0.99125.
The bounce has now taken the price back above the 1.0000 level trading up to 1.00348 in the process in volatile trading. The high stalled ahead of the London high at 1.0050. That level would need to be broken along with the 100 hour MA at 1.00647 (and stay above) to give buyers some control. Yesterday, that MA was broken but failed the very next hourly bar.
The move above the parity level is a relief for the dip buyers. However, the move above is certainly not necessarily a recipe for "green grass and high tides forever".
Getting above the high from the London session at 1.0063 followed by the falling 100 hour MA at 1.00647 are still needed.
Should the price get above the 100 hour MA, we can start to talk about other upside hurdles. Until then, the move higher is a relief but may not be the end.
