The gains have been helped by an increased risk-on tone on hopes for peace in Ukraine. It may be premature, but the selling has been hard and snap back rallies are always a possibility (as could be some progress).
The EURUSD on the daily chart did find support buyers ahead of the next downside target at the 1.0764 to 1.0777. The low yesterday reached just above the 1.1800 level at 1.10805.
Drilling to the hourly chart below, the pair moved back above the 100 hour MA earlier today for the first time since February 23. The initial move to the upside did see a corrective move back lower, but the buyers leaned ahead of that 100 hour MA level and has pushed back to the upside (as you would expect IF the buyers were serious about the break). For buyers looking for more upside, the price needs to stay above that 100 hour MA going forward. Move back below, and the buyers are not winning.
On the topside, the pair is looking toward recent swing low levels from the step lower last week at 1.1008 and 1.1032 (the 1.1018 level on the daily chart is between those levels too). The falling 200 hour MA at 1.10478 is also in play on further upside corrective momentum. The price last traded above the 200 hour MA also on February 23. Look for sellers against the level on the first look and buyers and sellers are more in a battle now with MAs on the downside and the topside to defend.
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