Based at the 100 hour moving average in the early European session and ran higher.
The EURUSD ended last week on a bearish note with the pair closing below its 100 hour moving average. The price action was choppy through the week with the pair moving above and below moving average levels.
In the Asian session, however, the price move back above the 100 hour moving average, and after a retest of the line (see blue line in the hourly chart above), the buyers came in and push the price sharply higher. The holding of the moving average line was the "tell" for the markets sentiment, and that sentiment was bullish.
The price has since moved above highs from last week between 1.1890 and 1.18932. The pair also moved above earlier November highs near 1.18977. The price moved to a intraday high of 1.19053.
If the bullish bias is to remain strong, staying above the yellow area (between 1.1890 and 1.18977), would be the most bullish. A move below weakens the intraday momentum a bit.
Drilling to the 5 minutes chart below, the 38.2% retracement of the move up from the 100 hour moving average comes in at 1.18889. That is near the corrective low so far. A move below that level and then the rising 100 bar moving average at 1.1885 and the 50% at 1.18838 would tilt the bias more to the downside intraday.
