Forex technical analysis: EURUSD breaks to new session highs

Making new highs as I type but runs into the next overhead MA resistance

The EURUSD is just breaking to new session highs. Stops have been triggered and the price has moved right up to the 200 and 100 hour MAs at 1.1792-96.

Sellers have come right in against the levels - as you would expect and the price has rotated back too the 38.2% of the move down from the October 12 high (see chart above).

Buyers are making a play but that play heads right into the next resistance area. Will they be able to get through the MAs or is it just a selling opportunity for the buyers? The first look has found sellers.

There are other move in the other major pairs vs the USD (maybe not as great though).

The GBPUSD is trading at a new NY session high but is short of the day highs at 1.3207. The 200 hour MA comes in at 1.32032. The price just moved to a high of 1.31957.

The USDJPY is moving back toward the 100 bar MA on the 5-minute chart at 112.812. The price moved above that MA early in the day and has lagged behind the markets sharp rise. The fall from the high at 113.046 is the biggest correction of the day, but to convince the sellers the high is in place, getting below the level will be eyed.