EUR/USD Breaks Higher After Breaking Past Moving Average

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EUR/USD Breaks Higher After Breaking Past Moving Average

By Greg Michalowski on January 8, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The EUR/USD moved above the 100 hour moving average (see previous post) and also above the highs from yesterday. Once the level broke the 100 hour moving average, the interest in the EUR/USD picked up dramatically. The pair has also moved above the high from yesterday, frustrating the shorts in the EUR/USD. The bias is to the upside with resistance now at the 200 hour moving average (green line) which comes in at the 1.3858 level. A move back below the 100 hour MA will be needed to reverse the trend.

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