The pair moved above its 200 hour moving average for the first time since June 28 earlier in the European session. The price has more recently moved to a new session high and in the process extended with momentum away from it's 38.2% retracement at 1.1978. The current price is also making a move above the 1.200 level. The price currently trades at 1.2008 just off the high of 1.2009.
The 38.2% retracement will now be eyes as close support at 1.1978. Stay above and the buyers are more in control in the short-term. Move below and there will be some disappointment on the break.
On the top side, the 50% midpoint of the move down from the June 27 swing high cuts across at 1.20456. That would be the next upside target on further momentum.
