EURUSD trades to new highs in early North American trading

There is only in a 24 pip trading range

The good news for the buyers is that the EURUSD is trading to a new session high in early North American trading. Also positive in a negative way sort of, is that the range is extended to 26 pips. That is well below the 51 pips average over the last 22 trading days. So although the price activity is very limited, there is room to roam.

Looking at the hourly chart, the next upside target comes between 1.1754 to  1.17594 area (see higher yellow area in the chart above). Within that range sits the 38.2% retracement of the move down from the July 30 high. That is a minimum hurdle to get to and through if the buyers are to start to take back more control. Be aware.

Earlier today, the price corrected lower and dipped back below the 200 hour moving average at 1.17297. However the price did stay above a swing area between 1.1723 and 1.17248. A move back below the 200 hour moving average would not be good for the buyers looking for more corrective upside price action.

Buyers are making play above the 200 hour moving average, but there is still work to do with overhead resistance target in the way.
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August 25, 2021 at 12:56AM

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