100 hour MA at 1.12557
The EURUSD made a run to the upside in early NY trading. The run took the price back above a swing level for the week at 1.12256. There were lows on Monday, Tuesday and Wednesday at the level before breaking also on Wednesday. After a rebound, the price tested the level on Thursday before cracking below the level again and moving to the low for the week. The move back higher in the current hour, sets the level as support again (risk level for longs looking for more upside).
There has been a limit to the run which is a key resistance level for the pair. That limit comes in against the 100 hour MA at 1.12557. Recall from Wednesday’s trading, the price also ran higher and tested that MA only to find sellers leaning and the price moved lower.
As a result, there is a battle going on between the buyer on the break of the 1.1225 level and the sellers leaning against the 100 hour MA at 1.12557.