Forex technical analysis: EURUSD carves out the new - more bullish - range

Technical Analysis

Author: Greg Michalowski | eurusd

Dollar fall takes the EURUSD back into meat of the range

The EURUSD rose with the dollar weakness from CPI/White House musical chairs. 

The price shot above the 100 hour MA, the 50% of the up and down trading range since March 2nd, but did find sellers near lows from March 6th and March 7th at the 1.23847 area.  

The price moved back down to the 50% retracement level off that high at the 1.2359.  Staying above keeps the buyers satisfied and more in control.  A move below could see a rotation back down to the 100 hour MA.

Looking at the 5 minute chart, the price retracement corrected toward the 38.2% at 1.23577 and stalled. That is another more bullish bias intraday.

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