EURUSD moves above the 100 hour MA at 1.3324

The EURUSD is moving above topside resistance against the 100 hour MA at the 1.3324 level. The price bottomed earlier against the 1.3288 level where the 200 hour MA slowed the decline (see chart above).

The rally has stepped higher, first testing the 38.2% of the moved down today, then breaking above 100 bar MA on the 5 minute chart and now testing the 200 bar MA at the 1.3334 (see chart below). The next intraday target is the 1.33405 where the 61.8% of the days range comes in. This level should slow the move higher. A move back below the 1.3324 will likely be a sign the upside is due for a pause.