200 hour MA at 1.17678. 100 hour MA at 1.1781.
The EURUSD is following the GBPUSD higher (but at a slower pace).
Looking at the hourly chart above,, the initial move today saw the pair move down to test the 50% retracement 1.17211 (and swing area down to 1.17192) and found support buyers.
The last 3 hours have seen a rotation back to the upside with the pair taking out the high for the day at 1.1753 (close risk), and racing toward its 200 hour moving average at 1.17678. A move above that MA now will look toward its 100 hour moving average at 1.1781 (blue line). The underside of the broken trend line comes in just a little higher at 1.1787.
Recall from just yesterday’s trade, the price fell below its 100 hour MA, trendline and 200 hour moving average in the early New York session and ran lower. Today’s price action is looking to erase/retrace at least part of of those declines (so far).
The pair chopped higher from the September 25 low to the high reached on Friday. The break lower yesterday saw decent liquidation, but the 50% level did do a good job of stalling the fall. Now with the price back up toward MA resistance, traders will need to make up their minds as to the next move for the pair but choppiness can still remain (in both directions) as well. So be prepared.