Above 100 and 200 hour MA
EURUSD climbed back to the day’s high after falling early in London at 100am MA (currently at 1.17795). Remember yesterday, the day’s low also stalled near its 100-hour moving average. Key level. The price is also above its 200 hour moving average at 1.18018. It is now close support. Staying above moving averages on the bias is more inclined to the upside. Move below the moving averages and the bias moves further downward. The next top target would be at the 61.8% 1.18370 retracement. The week high at 1.1863 would follow.
Looking at the week (see red box), price action has had its share of ups and downs. Generally speaking, the pair reacted to average levels moving between lows and highs. At the extremes, the low was testing an oscillation zone between 1.1713 and 1.17207. The week’s low price hit 1.17103 on Wednesday before climbing higher. The highest was reached on Thursday. It was also near an area of oscillation at 1.18618 (see green numbered circles).