Forex technical analysis: EURUSD tests topside trend line

Channel trend line comes in at 1.2315

The EURUSD has moved to session highs and in the process is up testing a topside trend line at 1.2315. Will the sellers come in here against the level? Risk can be defined and limited. However a break above should keep the momentum going.

Yesterday the price moved above the line and quickly failed. On a break, traders who are long and winning will be looking for a failure.

PS. Price action is taking the price above the level as I type. The market will look toward the 100 hour MA at 1.23578 now (blue line in the chart above) and the 200 hour MA at 1.2375. The midpoint of the move down from the high last week comes in at 1.23799. That area should give traders a cause for pause if the momentum can continue.

Risk is the trend line now. Stay above, more bullish.

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