Highs for June and 200 day MA above in the EURUSD
The EURUSD is ticking to new session/week highs. The price moved to 1.13195 so far taking out the high from yesterday at 1.13166. We are not running but the pair is higher.
Looking at the hourly chart above the 1.13057-081 has had some action against the area going back to June 5 (see red circles), but there have been a couple breaks of that area this week that could not be sustained as well. We are trying for the third time currently. Stay above would be close risk for traders looking for more squeeze to the upside for the pair.
On the topside, the highs for June come in at 1.13431 and 1.13469. The 200 day MA is inching down toward that level at 1.13507. The price has NOT been above the 200 day MA since May 2018. That is a long time ago and is indicative of the bearishness of the EURUSD over the last year or so.
However, time brings that MA lower and the price action on the daily chart shows a lot of up and downs over the last few months allowing that MA to catch up to the price. A move above would add to a more bullish bias in the medium term (above the 100/200 hour MA and 100 day MA now). There have been 6 tries above the 100 day MA (blue line - see red shaded area). This is #7 this week. Is this break for real? The bias levels are defined by the 100 and 200 day MAs for the pair.
