EURUSD extends to new high and moves above 100/200 hour MAs

As London/European traders look toward exiting for the day, the EURUSD EUR/USD The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be The EUR/USD is the currency pair encompassing the European Union’s single currency, the euro (symbol €, code EUR), and the dollar of the United States (symbol $, code USD). The pair’s rate indicates how many euros are needed in order to purchase one dollar. For example, when the EUR/USD is trading at 1.2, it means 1 euro is equivalent to 1.2 dollars. Why the EUR/USD is the Most Popular Trading PairCompared to all tradable currencies, the euro (EUR) is the world’s second most traded currency, be Read this Term is extending to a new session high. In the process, the price has broken above the 100/200 hour moving averages which are converged near 1.09768.

Earlier today, the price try to move above those moving averages only to back off into support near the 1.0933 to 1.0943 level (see earlier post HERE). Holding that level gave the buyers the confidence to push back higher and now through the moving average level.

If the pair can out stay above those moving average levels, the next target comes in at 1.1008 followed by 1.10324 and 1.10567. The 38.2% retracement of the move down from the February 10 hike cuts across at 1.10684.