Didn't take much when the range is 29 pips
The EURUSD made new fresh lows, falling to 1.11282. The sellers could not push the price below the next target at the 1.11245 level (see prior post).
That failure, has led to sellers turning to buyers and a return to the highs - and then through the highs.
Wow!
Well it is not so "Wow" given the range from low to high was only 29 pips for the day. It does not take much to recover by that amount. Traders have to make money some how.
The move higher has run into the 100 day MA at the 1.11635 level (high reached that level). Now the buyers will need to push through that level. If they can do it, there is room to roam and squeeze higher. The 1.1179 is the swing low from May 19. The 50% of the modest move lower this week comes in at 1.11852, and the 100 hour MA comes in at 1.11918.
Like at the bottom. First things first. Get above the 100 day MA and stay above. The sellers had their shot and failed. The buyers now have theirs.
