Looks to test Friday’s high
The EURUSD is in the midst of the 3rd hourly bar above the 200 hour MA.
Admittedly, the prior hour saw the price trade above and below that MA level, but it did close above. So bulls are making more of a play and taking more control.
The current bar has extended to a new day high at 1.1545. The swing high from Friday at 1.15493 is the next target.
Above that, the 38.2% of the move down from the Sept 26 high comes in at 1.15713. With the price above the 200 hour MA now, that level would be the minimum for a corrective move higher. Not getting there (and moving back below the 200 hour MA) would be a disappointment for the buyers.
Risk for bulls is the 200 hour MA (give a few pips). If the price can’t hold that level, this correction won’t be viewed with confident eyes.