EURUSD snaps higher toward the midpoint of the range this week

100/200 hour MAs and swing area tested at the highs.

The EURUSD spiked higher in early US trading after the pair bounced off the low from yesterday and a swing area between 1.1583 to 1.1586. The low for the day reached 1.15841 before bouncing higher over the last 3-4 hours of trading.

The spike higher has seen the price move back up toward the highs from yesterday (so the range is pretty much covered). 

• The high yesterday reached 1.16251. 
• The price just printed 1.16254.  
• Also near the high are swing levels going back to October 14 between 1.1616 and 1.16238, and 
• the 100/200 hour MAs at 1.16198 and 1.16223 respectively. 

The current price trades at 1.1618 between that resistance area between 1.1616 and 1.16254.  A move below with momentum should increase the bearish bias.  Conversely, if the area does hold close support, getting and staying above the swing area would open the upside. 

For now buyers made their push into resistance and that resistance is holding. 

October 28, 2021 at 01:15AM

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