EURUSD extending higher and is back positive on the day | Forexlive

The economic calendar is light with little news to attach to, but us yields are lower today and stocks are holding in positive territory and that has the EURUSD inching to the upside (dollar selling). The pair is now up on the day (closed at 1.0645). The current price is at 1.0655.

On the topside, the price is approaching the falling 100 hour MA (blue line in the chart above) at 1.06658 currently. Above that is the 200 hour MA at 1.0686.

The pair tested the 200 hour MA last Wednesday, Friday and again yesterday. Each time sellers leaned against that MA level and pushed the price back to lower. Getting above the 200 hour moving average should increase a bullish bias and lead to more upside momentum. A swing area between 1.0707 and 1.0724 would be the next target. The 38.2% retracement of the move down from the February high seems miles away 1.0772.

However, be aware that the range today is only 40 pips. The average over the last 22 trading days has been 83 pips. So there is room to roam. A more average trading range of 83 pips would have traders targeting the 1.0700 area today if momentum to the upside can be sustained.

Conversely, if the 100 hour moving average cannot be breached, a move back below 1.0600 is certainly within the norm (could see a move toward 1.0575).