The EURUSD is moving higher in the late NY trade. The Dow is up around 10 points. March Oil futures are up 0.35 cents. I can try to explain the move but suffice it to say, shorts who got no satisfaction to the downside, covered and pushed the price up a bit in afternoon trading. The pair does have resistance against the 200 bar MA on the 5 minute chart at the 1.3611 level. The 50% retracement of the days range comes in at 1.3613. The 100 hour MA on the chart below comes in at 1.3615 which adds another level of resistance in this area.
Support comes in at the 1.3599 level (blue line and 100 bar MA on the 5 minute chart above) and at the 1.3573/75.
Overall, the EURUSD is now up on the day (above 1.3594). The price tested key support and held but I would characterize the activity as light.
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