Trading at highs for the day
As North American traders enter for the day, they have taken the price to a new session high at 1.1849.
That move pushed the price above its 200 hour moving average at 1.18449. However the price has since moved back below that key moving average level. There is further resistance target ahead at the 50% retracement at 1.1859 and the falling 100 hour moving average at 1.18614 (see yellow area in the chart above).
The move to the upside has been able to extend above the downward sloping trendline. That trend line currently cuts across at 1.1832 and the 38.2% retracement of the move down from last week’s high to last week’s low. That level comes in at 1.18343. Staying above each would be the most bullish scenario now for the pair and give the best chance for the pair cracking through the 200 hour moving average heading toward the 100 hour moving average.
A move below the 38.2% and the broken trend line takes some of the steam out of the run higher over the last 8 or 9 hours. The 38.2 % retracement of the days trading range comes in at 1.18242. The rising 100 bar moving average in the 5 minutes chart comes in at 1.18179 and the 50% retracement comes in at 1.18165. Those would be downside targets (see chart below).