The EURUSD is trading above its 200-hour moving average (currently at 1.1347) for the third consecutive day. In the previous two attempts, the pair posted modest gains before retreating, so a sustained move above this level would be a more convincing bullish signal from a technical standpoint.
If the pair fails to hold above the 200-hour MA, focus shifts back to the 100-hour moving average at 1.13296. Conservative traders may use a break below this level as confirmation that upside momentum has faded.
On the topside, key resistance levels to watch are:
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1.1364 – Yesterday’s high
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1.1380 – Friday’s high
A break above these levels would strengthen the bullish bias and open the door for further upside.
Is the third time a charm? Will the buyers make a more concerted effort and move higher, or is this just another failed break with focus still on the downside (at least in the short term)?
This article was written by Greg Michalowski at www.forexlive.com.
