EURUSD moves up on NY buying as the market awaits the GDP data
NY came in and took the EURUSD up 30 pips as the market awaits the US GDP data at 8:30 AM. The move has culminated a down and up day so far that started with the pair falling steadily to a low of 1.4888 before bouncing back higher - taking out the old high for the day at the 1.4970 on it’s way to the new day high of 1.4984. German IFO data was better than expectations and EUROZONE Industrial Production also was better than expectations earlier today and helped contribute to the gain. The overriding trend continues to have the pair flucuating with a 1.4800 to 1.5000 levels as the rough low to high range.
From a technical basis, the hourly chart shows the up and down activity over the last week or so. The movement has the 100 and 200 hour moving averages converged at the 1.4919 area and the 50% midpoint of the recent 1.5047 to 1.4801 range coming in at the 1.4924 level. When the price broke below these moving averages earlier, momentum pushed the price to the low at 1.4888. The climb back higher found initial resistance at the level, but was able to push through. From that point, the market climbed above the 100 and 200 bar on the 5 minute chart - giving bulls the go ahead for further gains. The last spurt higher takes the price back up toward the 1.5000 level where yesterdays high was reached. Above that level is resistance at 1.5015 and 1.5047.
Through the number look for support at the 1.4945 to 1.4937 area where the 200 bar moving average (green line) and the 100 bar moving average on the 5 minute chart are found (blue line in the 5 minute chart above). Below that the 1.4919 level once again should provide support. On the topside until the price breaks 1.5000, 1.5015 and 1.5047 nearly any price level between those values has the potential to stall the upside.
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