Correction lower sniffed the 100 hour moving average. Price stays above.
The EURUSD is trading to a new session high post the weaker then expected ADP report. The pair has risen off a dip in the Asian session that saw the pair sniff the (get close) rising 100 hour moving average . The low reach 1.1793. The moving average at the time was at 1.17886 (the moving average has since moved up to 1.17912 – see blue line in the chart below).
The move to the upside has also now taken the price back above the 61.8% retracement at 1.18146 of the move down from the July 30 high, and is testing a swing area between 1.1824 and 1.1830 (see green numbered circles).
The high price from yesterday stalled somewhat randomly at 1.18446. That is the next target on further upside. The 1.18507 to 1.18568 area is a another target area (see red numbered circles).
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