EURUSD starts to tick higher. The technical story from the 5 minute chart. | Forexlive

The EURUSD reached a new low during the Asian session before correcting higher in the early European session. Observing the 5-minute chart, the price began to climb, surpassing both the 100-bar and 200-bar moving averages on the chart (lower blue and green lines near the session low). The next upside target emerged after breaking above the 200-hour moving average, currently at 1.08365.

At that time, the moving averages were slightly lower, and the price briefly tested the moving average on several 5-minute bars before establishing a base and rising towards the next target—the 100-hour moving average, now at 1.08585. The price approached the 100-hour moving average , consolidated for about an hour, then broke above it, paving the way for higher levels. Ultimately, the price peaked during the New York session at 1.09159, roughly 10 pips short of the swing highs from Friday and Thursday at 1.09254. A subsequent correction and longer consolidation occurred near 1.0877.

This consolidation allowed the 100-bar moving average on the 5-minute chart (currently at 1.0879 and rising) to catch up to the price. Buyers have reentered the market, pushing the price higher away from the 100-bar moving average. The current price is trading near 1.0900, indicating that buyers remain in control. The price corrected, the moving average caught up, and buyers reentered, maintaining support above the moving average line.

Moving forward, if the 100-bar moving average on the 5-minute chart is broken, the trend-like move could lose momentum, prompting short-term sellers (longs look to exit positions)

More conservative risk might be the 100 hour moving average at 1.08585.