EUR/USD Pulls Away from Averages Early

 

 

The EURUSD moved higher in pre-NY trade. There was a report that the Greece was ahead of schedule with implementation of deficit plan and there was some rumblings of Swiss National Bank intervention in EURCHF. 

The move higher has pushed the price back above the 100 and 200 bar MA on the hourly chart. Those levels come in at 1.3613 and 1.3609 respectively (Blue and Green line in the chart above).  If the price can maintain above the 1.3605 area, the price has the potential to push up toward the 1.3654 level which has been a key "remembered" level over the 3 week consolidation that has kept the price contained by 1.3437 below and 1.3737 above. 

 

 

On the downside, the 1.3605 level was a ceiling for most of the Far East session last night and this will be a level to watch below.  The 1.3601 level is also the 38.2% retracement of the move down from the weeks high of 1.3704 to the weeks low of 1.3537.  If the bias remains higher, this area will be watched this morning.