Price has to stay above now
The EURUSD has raced to new session highs and in the process is back above the 200 bar MA on the 4 hour chart at 1.12175 and the 100 day MA at 1.12228. The breaks have been made last week at higher levels, but each has failed. Traders will be looking for the break to remain a break now. A move back below the 100 day MA and the 200 bar MA on the 4 hour (yellow area) will have the buyers thinking it is another failed break.
Yields continue to move lower weakening the USD and the stocks are also shifting back to the downside.
The EURGBP is also moving higher which is supporting the EURUSD. The EURGBP stalled at a swing level at 0.9248 and above trend line, 100 hour MA and 50% of the move up from the August 6 low.
