Technical Analysis

Intraday bias more bullish technically

The EURUSD moved sharply higher on the back of the immigration agreeement reached in the Asian session. That momentum took the price to a high of 1.1666. The 50% of the move down from the June high comes in at 1.16785. The 100 bar MA on the 4-hour is short of that at 1.16685.  

The last 8 or so hours has seen the price move between the high at 1.1666 to a low of 1.1612.  At the low the price tested the 200 hour MA at 1.1614. The holding of that MA was key for the bulls and the intraday bullish bias.  The price moved back above the 100 hour MA at 1.16296 (currently). Both those MA will be eyed as support in trading today. 

The pair trades near the highs for the day at 1.1657. A move above the 100 bar MA on the 4-hour chart at 1.1668 and then the 50% at 1.16785 tilts the bias even more to the upside. The 200 bar MA on the 4-hour comes in at 1.16936. Earlier this week, that MA was tested and sellers entered. Given the run up today already, that may be a stretch for trading today.  

NEWS update:

Draghi warns euro leaders of lower confidence. That has pushed the EURUSD down toward the 100 hour MA at 1.16296. Will the dip be bought? Don’t fall below the 200 hour MA at 1.1614.

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