EURUSD surges to the upside after re-cracking the 100/200 hour MAs.

EURUSD on the hourly chartThe EURUSD moved lower after the better than expected ADP report (dollar buying), and moved away from the near converged 100/200 hour moving averages at 1.1318.However, the price low could not get back below the 1.1300 natural support level and the price started to reverse back higher. After breaking back above the near converged 100/200 moving averages (see earlier post here), the sellers turned the buyers, and the price pushed to new session highs.

Looking at the hourly chart, the pair is now up testing recent swing highs going back to December 22, December 23, December 24 and more recently December 30 near 1.1342. Sellers are leaning/taking some profit against the swing area.Get above that level, however, and traders will be looking toward 1.1354 to 1.1359.It will now take a move back below the 100 and 200 hour moving averages to give the sellers more comfort and control.

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