$EURUSD starts the week with continuation move back to the upside
The EURUSD has moved higher today. The pair closed Friday at 1.4920. The low today came in at the 1.4916. The high extended up to the 1.4993 - just short of the psychological 1.5000 level. The EURUSD fell last week from a high of 1.5047 last week on a barrage of comments from Treasury/global officials about the desire for a strong dollar (EURUSD went down to a low of 1.4821). However, on Friday, the currency reasserted the upside momentum and that has continued today.
From a technical perspective, the pair remained above the 100 bar moving average on the 5 minute chart for most the Far East session (blue line in the chart above), but dipped below during the London session. The price dipped to test the 200 bar MA (green line above) and 100 hour MA (blue in the chart below) at the 1.4955 and 1.4948 levels respectively. The market had a low of 1.4954 and bounced higher.
The price needs to break below these two key moving averages to confirm downside momentum. A break will target 1.4934 and then 1.4917 which is the 200 hour MA. On the topside, a move back above the 100 bar MA, would have additional resistance against the 1.5000 level. Above 1.5000 there is old tops at the 1.5016-20 level.
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