The euro touched the highest since February today and has been consolidating in the 1.3110-1.3150 range in US trading. The chart continues to show a cluster of resistance near today’s highs.
EUR/USD broke above the 55-day moving average (1.3127) today but remains constrained by the 100-dma at 1.3154. The 38.2% retraecment looms in the background at 1.3120.
The candle so far today is moderately bullish but a close above 1.3154 would swing things toward a potential sharp move higher. The euro has been able to withstand a number of different trading environments without a sellofff in the past three weeks — that’s a positive sign.
The orderboard shows strong offers at 1.3150/55 with smaller sellers at 1.3165 and buy stops above 1.3170. Some offers at 1.3180 with sizeable sellers at 1.3200.
On the downside, there are some slight bids building around 1.3100.
Update: High of 1.3151 so far but 1.3155 intact.
