EURUSD moves above the 100 hour MA. A shift to the upside in the short term.

Technical Analysis

EURUSD takes a step above the 100 hour MA

The EURUSD has moved above the 100 hour MA at 0.99351 (see blue line in the chart above).

Getting above (and staying above) is a short term positive for the pair.

On the topside, the 0.99515 level is the old July low that is so far stalling the move higher. A break above that will have traders looking toward the falling 200 hour MA at 0.9969 (green line in the chart above).

Him him Recall from yesterday, the price briefly moved above that level only to fall back to the downside. Getting and staying above the 200 hour moving average would increase the bullish bias (PS the price would also be moving above the topside trend line).

If the price starts to trade with more momentum below the 100 hour moving average, I would expect the “break buyers” to potentially exit the position in turn to sellers once again. Focus will return to the 0.9899 to 0.9913 area for additional bias clues. Move below that area would increase the bearish bias.

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