Stepping higher and away from the 100 hour MA
The EURUSD is trading to a new session high and in the processes stepping away from its 100 hour moving average of 1.21155 (blue line in the chart below).
Earlier today, the price based against its 200 hour moving average (see green line in the chart above – after waffling above and below the moving average level all day yesterday) . That basing – along with a break and base against a swing area between 1.2099 and 1.21022 – have been additional catalyst for the upside.
Admittedly, the price did waffle above and below the 100 hour moving average, but the weaker retail sales has soon the upside momentum reestablished.
The next target comes in against a swing area between 1.21485 and 1.21516.
The range for the day is up to 71 pips. That is above the 67 pip 22 day average (about a month of trading). That may NOT deter the trend-like momentum, but it could also lead to a cause for pause at the swing area above (with stops on a break above). It is Friday too.
For the week, the EURUSD Pete on Monday between 1.2175 and 1.21775. On Tuesday a new high was made up to 1.21811, but that was quickly rejected. The CPI data on Wednesday sent the EURUSD sharply to the downside, with the low reached yesterday ahead of its 100 day MA at 1.20432 (the low bottomed at 1.20507)