The EURUSD is now breaking above its 200-hour moving average at 1.10037. The 50% midpoint of the move down from last week’s high comes in at 1.1030 and is the next upside target. The high from last Friday and Monday came in near 1.1045. Those are also targets on more upside momentum.
Close risk is now at the 200-hour moving average level (give it to a move below the 1.1000 level). Staying above is more bullish. Move below and traders might be disappointed on the failed break.
US stocks are trading higher ahead of the open:
- NASDAQ index is up 66 points
- S&P index is up 13 points
- Dow industrial average is up 63 points
This article was written by Greg Michalowski at www.forexlive.com. Source