The EURUSD raced higher with the dollar selling after US China tensions increased with Pres. Trump saying that massive tariffs would need to be imposed on imported goods from China in response to their export controls on rare earths.
The move to the upside saw the pair extend toward key resistance at the near converged 100-hour moving average and 100 day moving average near 1.1631 to 1.1633. The high price reached 1.1630 and has backed off a bit. The current price is trading at 1.1613.
The holding of those to moving averages comes as no surprise as risk can be defined and limited against the levels.
The successful test of the moving averages increases that level as a key risk-defining level. Stay below keeps the sellers in play. Move above and the bias could see more upside momentum with the swing area between 1.1645 and 1.16596 the next key hurdle.
