Moves back toward to Friday close
The EURUSD has just made new London session highs for the day at the 1.1313 level. The pair traded lower in the Asian session but has been recovering during the European session. On Friday, the pair closed at 1.13203. The high today was in the 1st hour of trading at 1.13198 (5 PM ET start).
Supporting the bullish case technically, is the 100 hour MA and trend line. The price moved above the 100 hour MA a few hours ago (blue line in the chart above) and has remained above. That line currently comes in at 1.1301. The trend line is also currently cutting across at the 1.1301 level. Staying above is obviously more bullish for the pair. A move below, and traders might look to lighten up again. Earlier in the day (at the lows), the pair tested the par the parallel channel trend line. So we war now outside that channel (also more bullish for the pair.
