The EURUSD is extending to a new session high and in the process is moving above its 100 hour moving average at 1.0153. Admittedly, the extension is now taking the trading range to just 42 pips on the day (the high reached 1.10297 so far). The average range over the last 22 trading days 81 pips. So extending is not too surprising. Today is May Day holiday in Europe so activity has been light for most of the day.
Technically in addition to breaking above the 100 hour moving average tilting the bias more to the upside, the low price today did find support buyers against the old trend line going back to the March 24 low (see green number at circles). On Friday, the price broke below that trend line only to find support against Monday, Tuesday, Wednesday lows near 1.09633, and bouncing higher. The price did extend back above the 200 and 100 hour moving averages and retraced the full moves to the downside on Friday before closing between each of those key hourly moving averages. The move lower today also moved below the 200 hour moving average before finding support against the trend line. Going forward this week, the 200 hour MA, trend line AND 1.0963 level will all need to be broken IF the sellers are to take more control.
On the topside, the high from Friday will be eyed as the next close target at 1.10406. Above that. All I the swing area between 1410661.1075 before the extreme high from last Wednesday's trade 1.10950. That high was the highest level going back to April 2022.
The US dollar is moving lower against most of the other major currencies as well in early trading. The USDCHF, AUDUSD and NZDUSD are all making the new extremes (lower USD) in early US trading.
