The EURUSD moved higher in the early European market and in doing so, extended above the 200-hour MA drop (green line currently at 1.04286). The price reached a high of 1.04433 which was short of the highs earlier in the week and the high from last Friday near 1.0448. These levels stopped ahead of a swing area between 1.0448 and 1.0461 (see circles with red numbers on the chart above).
The rise above the 200-hour MA could not be sustained with the last few hours seeing the pair move lower. That move lower (USD higher) comes despite US yields turning off the highs. The rising 100 hour MA comes in at 1.04089 and the 50% trading range from the 2022 low at 1.04053 is now support. A move below that level would be necessary to increase the bearish bias.
On the upside, the 200 hour MA is now a close barometer again. Moving and staying above gives the customers more hope again at least in the short term. However, the 1.0448 to 1.0461 is a more influential target that needs to be broken to give the sellers an additional reason to relax.
