200 hour MA did a great job of holding the support AGAIN
The 200 hour moving average has been a level support for the last 3 days of trading. Each test has found buyers near level and the price has pushed to the upside.
Today’s bounce was helped by better data especially from the University of Michigan sentiment index. The move has taken the price back above its 100 hour moving average at 107.204. The 107.35 level has been a swing area near the highs today. Admittedly there have been moves above and below on Tuesday and again earlier today, but there is also been at least 5 swing levels against that area. The high price in the North American session stalled at 107.337 so far. A move above should lead to further upside probing for the pair.
Right now, focuses on the 100 hour moving average. Stay above and the buyers remain in control. Move below we could see some Friday squaring up.