A close back above the 200 day MA at 1.1080 would be the first since March 16
For the month of March, the EURUSD peaked on March 9th at 1.14918. It spent the next 9 -10 trading days trending to the downside. The low was reached on March 23 (on Monday). The last 5 days has seen the pair move higher with the upside trajectory accelerating over the last 2 or so trading days (a steeper channel).
The EURUSD price action has been to the downside and back higher today with support at 1.09507 holding support. The run higher has erased the earlier decline. We are making new session highs in the current hourly bar at 1.11097. That is the highest level since March 17.
Technically, the pair has been able to extend above the 100 day MA at 1.10426 and the 200 day MA at 1.10814 – both in trading today. The price also moved above the 50% retracement at 1.10633. Getting above and staying above those levels keeps the buyers more in control going forward. Move back below, and that bias shifts more to the downside again.
On the topside, a channel topside trend line comes in at 1.11424. The 61.8% of the March range comes in at 1.11644.
For the week, the buyers took control and are keeping control. In the new week, the daily MAs will be the key barometers for the “market” bias.