EURUSD trades back above the 100 day MA

Break has to be respected

The EURUSD moved above the 100 day MA as Draghi spoke, but looking at the 5 minute chart, the break was quickly reversed.

Now the price is back above the 100 day MA for the 2nd time and spending more time above that key level. Traders have to respect the break. It may go back below. That is trading, but the price action needs to be respected.

Looking at the daily chart, the price high from August reached 1.1733. That is a target above - over time. The 1.17495 is another swing area that did a good job of stalling the pair back in July. The 38.2% of the move down comes in at 1.17795. That is now another target on more upside.

The 100 day MA is key and deserves respect.