The EURUSD is up for the third consecutive day after bottoming at 1.11207 on Friday. That low on Friday took the price to the lowest level since June 2020.
After a modest gain on Friday, the price started to gain more upside momentum during yesterday's trade. Yesterday, the price trended higher - particularly in the North American session - and in the process extended above its 100 hour moving average (blue line currently at 1.11951).
Today, the momentum continued, and the price has been able to extend above its 200 hour moving average (green line) at 1.1256. It has also moved above its 38.2% retracement at 1.12587.
The move higher has stalled near a swing area on the topside at 1.12763 (the price moved above but could not sustain momentum). The price over the last eight trading hours has seen up and down flows with a low of 1.1251and a high of 1.1278. The current price trades at 1.1270.
In the short term, if the price can stay above the 200 hour moving average/38.2% retracement, the buyers can continue the probe to the upside with 1.13014 as the next target (the 50% retracement).
Conversely if the 200 hour moving averages broken with momentum, the buyers may run out of patience and look to rotate back down toward the lows for the day between 1.1220 and 1.1233.