EURUSD tests – moves above – last week’s high. Above 200 hour MA ahead of Lagarde testimony

Technical Analysis

ECB Lagarde to testify at 9 AM ET. 

The ECB’s Lagarde is to testify at the ECON hearing of the European Parliament and Brussels at 9 AM ET/1400 GMT.

Ahead of her comments, the EURUSD has just moved above the 200 hour moving average at 1.1028 and is now extending above the high price from last week at 1.10316. The next target comes in at the 50% retracement of the move down from the November 21 high at 1.10386. A move above that level will look toward the 1.1051-55 area (61.8% and swing area). 

Risk for the longs is now the 200 hour moving average at 1.1028. Move back below that level and the break higher could be looked at with suspecting eyes of a fail.  

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