Back above the 100 day MA and testing the 100 on the 4-hour too. Can the momentum continue?
The EURUSD has been on recovery path today - albeit with a narrow trading range (always room to extend which is what we have just seen). The pair has been able to climb back above the 100 day MA at the 1.12185 level. The price just cracked above the 100 bar MA on the 4-hour chart too at 1.12337. That MA held the low on Monday's trade. Also remember the 1.1214-18 level? If you don't, put horizontal lines at those levels and go back to March 10. There have been a number of swing levels at that level. With the 100 day MA at the same area, a key level going forward.
Looking at the 5- minute chart, this is the 2nd peak above that 4-hour MA line (see overlay at the 1.12337). The first look found immediate sellers. This one is trying...it is trying to keep the sellers feeling the squeeze.
Overall, back above the 100 day MA (and the 1.1214-18 area) is a good thing for the buyers. Moving back below it, would not be a good thing for the buyers.
