EURUSD holds above 200 hour MA in the Asian session and moved higher
The EURUSD had based against the August 21 low Wednesday last week and corrected sharply higher on Thursday. However, on the same day the price tumbled and nearly retraced the entire move higher. The 100 hour moving average (blue line in the chart and below), did stall the fall. That helped to keep the buyers in control.
Friday was a mini version of Thursday with a move higher followed by retracement back to the downside.
Today, the Asian session low did find support buyers against its 200 hour moving average (green line in the chart above). The price has subsequently been able to move above the 38.2% retracement of the move down from the September 1 high at 1.18506. The pair has also been able to extend above its high from Friday at 1.1873. Bullish steps are being made with close risk now the 1.1873. Also watch 1.18647 which were swing highs from September 3 and September 4.
The pair is currently testing (inching above) its 50% retracement of the move down from the September 1 high at 1.18811. The price high has reached 1.18843 so far today. If the buyers can show more acceptance above the 50%, the 61.8% retracement at 1.19117 and the high from last week at 1.19165 would be the next upside targets. Also watch the natural resistance level at the 1.1900 level for bullish close ahead of the high from last week.
Buyers in control. The EURUSD prices moving above its 50% retracement. Risk comes in at 1.1873 and 1.18647 for traders looking for more upside. On the topside the 1.1900 level and the high from last week at 1.19165 area are the next upside targets.