EURUSD and GBPUSD trade back above hourly MA resistance.

Price action is limited with the EURUSD low to high trading range only 15 pips, but the price has been able to extend above the 200-hour MA at 1.11267 (green line in the chart above). If the buyers can keep the price above that level, the buyers remain in contol with a run to the higher 100-hour MA a target at 1.1154.

Similarly, the price action in the GBPUSD is also limited at 22 pips, but like the EURUSD, the price has moved back above an hourly MA at 1.3195 (100 hour MA). The price fell below that MA and a swing low floor from earlier this week at 1.3178, but ran out of steam and reversed higher. The seller had their shot. They missed. Can the buying continue as the European session approaches or will the sellers push the back back below the aforementioned levels tilting the bias back to the downside?

This article was written by Greg Michalowski at www.forexlive.com.