November 18, 2024 at 05:47PM
The EURUSD is stretching to the upside with the price now moving away from the 100-hour MA at 1.05659. That MA was broken earlier today after finding sellers against the moving average level on Friday and again earlier today.
Although the price traded above and below the 100-hour moving average on the first break (the low price reached back down to 1.0560 before bouncing higher). The buyers ultimately took control pushing the price to an intraday high so far 1.0589.
The next key targets come in near 1.05926 (near swing lows from November 12, and November 13 and swing high from Friday’s trade). Move above that level and other resistance at a swing area between 1.0600 and 1.0610 will have traders looking toward the 200-hour moving average at 1.0642.
Buyers are making a small play on the move above the 100-hour moving average. Can they now stay above that moving average? Can they increase the bullish bias by getting through the next key targets.
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EURUSD Breakout
Key Points:
EURUSD surges, breaking 100-hour MA (1.05659).
Intraday high: 1.0588.
Next targets:
1.05926: Swing lows (Nov 12-13) and Friday’s high.
1.0600-1.0610: Swing area.
1.0642: 200-hour MA.
Bullish momentum: Sustained move above 100-hour MA. Move below 100 hour MA and the sellers are back in full control.
Outlook:
Consolidation above 1.05659 confirms bullish trend.
Break above 1.05926/1.0600-1.0610 boosts bullish bias.
Actionable Insights:
Watch for sustained move above 1.05659.
Break above 1.0642 targets further resistance levels.
This article was written by Greg Michalowski at www.forexlive.com.
