New high for the day.
For the 2nd consecutive day, the 100 hour MA (blue line) stalled the fall at the session lows. Bullish. Today the low reached 1.24726 when the 100 hour MA was at 1.24654. Friday’s low was closer to the MA before reversing higher. Buyers are leaning ahead of the MA (bullish).
The 200 hour MA has seen a little less cooperation from the buyers. On Friday and again today, the price moved above and below the 200 hour MA on three separate occasions with each break ultimately failing.
The price is currently moving above the MA for the 4th time (at 1.25009 – it is also moving above the 38.2% at 1.25065). The pair is trading to a new session high above the previous high at 1.25331.
The high from Friday reached 1.25474. That is the next upside target. The 50% midpoint of the move down from the March 5 high (high for the month) comes in at 1.25503. That level will also be key for the bulls/buyers.
Buyers have been making the play over the last two days, but have run out of steam. This is the latest attempt. Get above the 50% retracement and the bias see-saw tips a little more in the favor of the buyers (if it can stay above).