Trades around hourly MA levels. Moves away from 100 day MA
The focus turned more to the US with the weaker than expected retail sales report. The price of the EURUSD has moved sharply higher on the news, corrected and is looking to get and stay back above the 200 and 100 hour MA (green and blue lines in the chart below) at the 1.1057 and 1.1067 levels respectively. If the dollar bulls are to take center stage for this pair, a move above and staying above will be eyed by traders today. KEY area. The high reached 1.1077 on the initial spike higher. Subsequent highs have come up short.. It needs another push above this resistance area. Where are you buyers?
Earlier today the pair moved back above the 100 day MA (blue line in the chart below) at the 1.1018 level today. The price stalled (mostly above that level) before the lift off on the weaker data. Six of the last 7 trading days have traded above and below this key MA level suggesting a market that is unsure of the next big directional move in the pair.
The bulls need that next push above and away from the 200 and 100 hour MA. If it comes, the 1.1082 and 1.1094- 1.1097 will be the next targets.