Forex technical analysis: EURUSD cracking back above topside resistance

June 15, 2016

Back above the 100 day MA and testing the 100 on the 4-hour
too. Can the momentum continue?

The EURUSD has been on  recovery path today – albeit with
a narrow trading range (always room to extend which is what we
have just seen). The pair has been able to climb back above the
100 day MA at the 1.12185 level. The price just cracked above the
100 bar MA on the 4-hour chart too at 1.12337.  That MA held
the low on Monday’s trade.  Also remember the 1.1214-18
level?  If you don’t, put horizontal lines at those levels
and go back to March 10. There have been a number of swing levels
at that level.  With the 100 day MA at the same area, a key
level going forward.

Looking at the 5- minute chart, this is the 2nd peak above
that 4-hour MA line (see overlay at the 1.12337).  The first
look found immediate sellers. This one is trying…it is trying
to keep the sellers feeling the squeeze.  

Overall, back above the 100 day MA (and the 1.1214-18 area) is
a good thing for the buyers.  Moving back below it, would
not be a good thing for the buyers. 

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