Stay above 1.1620
The EURUSD is looking more bullish on the hourly chart.
- The price is above the 100 hour MA at 1.15908 (and moving higher). That is also near the 61.8% of the move down from the July 23rd high
- The price is above a lower trend line at 1.1597 (and moving higher)
- Last week the low stalled near the 100 hour MA (blue line)
- Last week the price low stalled ahead of the 50% of the move down from the July 23rd high.
All that is more bullish.
Closer in, the 1.1620-31 is a swing area (see yellow area on the chart above). That is the closer support for traders. Stay above is more bullish. Move below is not so great.
On the topside, there is a topside trend line on the hourly chart at the 1.1661 level.
If you look at the daily chart below, the 1.1664 area is home to the underside of a broken trend line and a downward sloping trend line. That is close to the 1.1661 level on the hourly chart. Move above would increase the bullish bias but with the convergence of technical levels, I would not be surprised to see a stall on a test, with stops on a break (reversal of the selling).
