EURUSD moves up to test the 200 hour MA and traders lean.
The EURUSD started the US trading day on a positive note and has continued its upward momentum, reaching a new session high.
In the morning video, I identified the next potential upside target as the 200-hour moving average and the swing area between 1.0551 and 1.0557. The recent high reached 1.05546, closely aligning with the 200-hour moving average at 1.05544. Sellers anticipated this resistance level, briefly halting the upward move. Currently, the price is trading at 1.0548. If buyers reverse their position and become sellers, we might see a decline towards the range of 1.0525 to 1.05316.
For buyers looking for further upside potential, breaking above the 200-hour moving average could lead to a focus on the 38.2% retracement level and the 100-hour moving average at 1.05709. If this area is successfully breached, it would indicate a stronger position for the buyers in the overall market dynamics.
To watch the “Kickstart” video from earlier today click on the video below: