Technical Analysis

New highs in the EURUSD with the 200 hour MA eyed

The 1.1300 level should solicit some pause

The EURUSD has extended to new session highs, moving above the highs for the day and the swing area at the 1.12848-89. The break is the next step after holding the 100 hour MA earlier in the day (blue line) and moved above the 38.2% of the move down from the Feb 28th high (at 1.12679 area).  

The problem for the buyers is there is another overhead area that should be a tougt nut to crack. The 1.1298 is home to the 200 hour MA and a trend line. The 50% is just below that level. The 1.1300 level is a natural resistance target.  There should be seller leaning against that level on test with stops on momentum above the 1.13000.

So there is a break. The buyers from earlier in the day are happy and making more, but the move is likely to run into some more selling potential – even from the buyers – against the 1.1300 level (with stops above). 

ForexLive

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