EURUSD moves up to test last week’s high

Moves above swing area 

The EURUSD traded above and below a swing area between 1.21435 and 1.21496. However in the last hour or so, more buyers have entered the market and pushed the price up toward the high price from last week at 1.2169. There should be some sellers against the level with stops on a break above.  Move above however would be the bullish.  NOTE: earlier today the buyers stepped up around the 100 hour moving average at 1.20923. That was the clue that the buyers were more engaged. 

Looking at the daily chart, a move below that level will have traders looking toward the January 22 swing high at 1.2189. Earlier today, the price moved above the 50% retracement of the move down from the January high to the February low. That level came in at 1.21502. Stay above that level going forward on the daily chart keeps the buyers more in control.

EURUSD on the daily chart
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Categorized as Forex

By Jonathan Prop

Jonathan Prop is an independent financial advisor. He has been working in finance for the last 20 years. After retiring early in his 40s, Jonathan decided to help others get to grip with financial markets, particularly his area of expertise - forex!

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