In the up and down environment, the buyers retake control
I know it must sound like a broken record, but we are a product of our environment. And the environment is one of alternating from bullish to bearish and bearing to bullish (or so it seems). The most recent wiggle (or are we on a waggle?) is back to the bullish side as the FOMC minutes showed a Fed that is still unsure about "when" and "most of the market" interpreted that as later rather than sooner.
Technically, that sent the price of the EURUSD back above the 100 hour MA (blue line in the chart above). What I - and the rest of the buyers liked about the move - was that the correction off the high came down to 1.1093, before resuming the move higher. The 100 hour MA was at 1.1089. Also near the level was the broken 38.2% line. Nice level to hold on a trend like move!
So we head into the days close with the pair being more bullish once again and support against the 100 hour MA (risk defining level). Closer support will be eyed at the 50% level in the chart above at 1.1114.
On the topside, the 61.8% and trend line at 1.1138-1.1140 is the next target area. Above those levels, and the highs from last week at 1.1188 and 1.1212 become the focus.
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