EURUSD extends above its 100 hour moving average. Can it stay above? | Forexlive
EURUSD moves above its 100 hour moving average
The EURUSD is moving to the upside after the US jobs report showed a little bit weaker nonfarm payroll. The unemployment rate remains low at 3.5% versus 3.6% last month. Average hourly earnings were higher than expectations but the average workweek did fall modestly. Technically, the move above the 100-hour moving average at 1.09674 tilts the bias marginally to the upside. The falling 200-hour moving average currently at 1.10039 is the next target. Recall from last week the price tested that moving average but found willing sellers. A move above would increase the bullish bias.
The question now is can the price remain above its 100-hour moving average. On Wednesday, after the Fitch downgrade, the price briefly moved above the level only to find willing sellers. Back on Monday, the price also moved above that moving average line and again failed quickly. Risk in the short-term for buyers on the break is a move back below that moving average level with momentum (give it a few pips)