Can ECB tighten before QE is finished? 100 day MA at 1.0662 next hurdle...
The EURUSD has ticked up on a sources comment that the ECB discussed raising rates before QE was finished.
The price moved up to to the 100 day MA at 1.0662 and 50% of the move down from the Feb high at 1.0661. That level is being pressed as I type. Sellers are so far trying to defend the level.
On a move and close above it would represent the first close above since November 4th when the price barely closed above before moving back down the next day. ON election day, the price spiked above but that was also quickly reversed. Finally on Feb 2nd the price traded above but also failed. So there is not a lot of success on moves above. Can that change?
Prior to November you have to go back to October 7th when the market was battling both the 100 and 200 day MAs.
Targets above are at 1.06788 and then 1.0700 (61.8% on chart above).
The key is getting and staying above that 100 day MA. There is a battle going on right now.. Close risk for shorts now would be the 1.0650 level. That was near the high from after the employment report. Longs would not like to see much below that level if the buying is to continue.