Forex technical analysis: EURUSD scoots higher

Moves back above the 200 hour MA.  

The EURUSD has made a break back to the upside and in the process scooted above the 200 hour moving average at the 1.1196 level (green line in the chart below).  

Stock futures in the US are now down (they were up earlier today) and the market in this pair  at least, seems to be taking clues from the wiggles and waggles  of late (don't hold me to that though as it can change).   Technically speaking though....the price moved above the 200 hour MA and that is bullish.

Note that earlier today, the low held right on the 100 hour MA (blue line in the chart above). Traders were leaning against the risk defining levels and those traders who bought there are getting more satisfaction from the break higher. 

The low to high trading range is about 73 pips (135 is the 22 day average).  The range for the week is only 124 pips. This is the lowest trading range this year.  So that implies either we continue to go no where or we extend the range between now and the close on Friday.  The bias is more bulllish

1. Hold the 100 hour MA
2. Above the midpoint of the weeks range  at 1.11824. 
3. Above the 200 hour MA at 1.1196

Look for support at the 1.1196 area. If it can hold, there should be some more probing to the upside. Who knows, maybe the 200 day MA above (at 1.1253 might be breached.