100 bar moving average on 4 hour chart is the next target
The EURUSD has rotated back to the upside on dollar selling.
The price has moved above its 50% retracement of the move down from the April 15 high at 1.08576. The 100 bar moving average on the 4 hour chart rooms ahead at 1.08684. Early in the day the price did extend above that level but could not sustain upside momentum.
The pair at the session lows in the early Asian session stalled for the 3rd day in a row near its 100 hour moving average (blue line at 1.08194). Also in the Asian session, the price moved above its 200 hour moving average (green line at 1.08336), and stayed above that level through the ups and downs of the European session. The 200 hour moving average would be a risk level for longs looking for increased upside momentum in the EURUSD.
On a break of the 100 bar moving average on the 4 hour chart, the next targets would come in at the 61.8% retracement at 1.0888. The falling 200 bar moving average is moving toward that level as well. Yesterday the 61.8% retracement stall the rally. That increases the levels of importance going forward.
