First break since September 14
The EURUSD has made a break above the 200 hour MA at 1.1573 for the first time since September 14 (nearly a month ago). The price high reached 1.1578 so far on the break.
The question now is can the buyers keep control? Can they push the price higher?
The 50% of the last move lower comes in at 1.15816. That is only the last move down from the high last week. That retracement is the absolute minimum retracement target, and it still leaves the highs from Monday and last Friday at 1.1586 and 1.15855 respectively to get to and through. So there is work to do to give the buyers more confidence that more upside probing can occur.
What traders don’t want to see is a move back below the broken trend line at 1.1568, or the worst case, a move back below the 100 hour MA at 1.15567. Those types of moves back to the downside would take all the steam out of the impact from the break.
Buyers are taking a shot. Can they connect and push the price higher?