EURUSD chops around after run to the highest high since Sept 1 fizzles

Technical Analysis

Author: Greg Michalowski | eurusd

First look above the November high stalls but buyers still more in control.

The EURUSD has chopped around today despite reaching the highest level since September 1 at 1.19292. 

First look above the November high stalls but buyers still more in control.
Looking at the daily chart above, the pair took out the November 9 high at 1.1919 but could not sustain any meaningful upside momentum on the break (see daily chart). Looking at the daily chart, it will take a move back above old November high level at 1.1919 (the September 10 swing high was at 1.19165 too) to give more of a bullish bias for the pair. The highest high for 2020 was on September 1 at 1.20105. The low for the year was back in March at 1.06347.   The last 4 months has seen the pair consolidate the gains between 1.1601 and 1.2010 (call it 1.1600 to 1.2000).  The buyers are still more in control (the pair is above the 100 day MA at 1.1754).  At some point, the range will be broken.  

Drilling to the hourly chart, the choppy price action today is most viewable.  The run above the November high at 1.1919 was only a brief look, before moving lower.  There is a swing area between 1.1889 and 1.18932 which should act as a barometer for the intraday bias.  Stay above is more bullish. Move below is more bearish. There was a try below in the early New York session, but that break failed (I said the markets were choppy).  

Before the 1.1919 level is the high from Monday at 1.19053.  The prices just moved above that level which increases the positive/bullish bias.  

EURUSD on the hourly chart

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