Cracked above the 100/200 hour MA in the Asian session and took off.
The EURUSD has raced higher to started the week with a trend-like move higher. The price started the day near unchanged and between the 100 and 200 hour MAs. After some early up and down trading in the first few hours, the price exteneded above the 200 hour MA and took off. The pair was helped by stocks moving higher and risk on flows.
The run higher did stall initially at the high from last week on July 2nd at 1.1302 and consolidated in the London morning session. However, after a modest correction, that old high was broken and the pair has extended to teh June 24 highs at 1.13253. A move higher would look toward the swing highs from June 23 at 1.1348 and the June 16 high at 1.13527.
The range is 88 pips which is just short of the 22 day average of 89 pips. However, the pair is trending. As a result, there may be a slowing but unless, the price started to move back below the 1.1302 area, the buyers remain in control.
Looking at the 5 minute chart, the pair raced higher, corrected toward the 38.2% of the move and the 100 bar MA (blue line in the chart below), based and continued the trend higher. The 38.2% of the most recent run higher comes in at 1.13095. The 50% is at 1.1304. That level is close to the 1.1302 highs from the hourly chart. Stay above that area would keep the bulls and the trend move in play for the day.
