Above an old swing area...
The EURUSD took out the high from last week at 1.13833. The high price reached 1.13887 so far today.
The break is not exactly on fire with momentum. Having said that, the buyers are in control.
Looking at the daily chart, the low today did stall in a swing area defined by swing lows and highs going back to April 2019 between 1.13229-47.
Yes.... there were runs above in June 2019 and again in March 2020 and this month, the pair tried to go higher on June 5 and 6. Each of those moves failed fairly quickly (most of the trading is certainly below that top yellow area since April 2019).
This move is the next try.
Stay above 1.1347 and then 1.13229 would be more bullish and keep the buyers in control. Move below and it's another fail.
PS the swing area at 1.12385-489 held support yesterday. That is also in the bulls favor.
Drilling to the hourly chart, there is not a lot of support until the rising 100 hour MA down at 1.13146. A swing area comes in at 1.1311-19. Those levels are below the support on the daily chart from the swing area.
Close intraday support can be eyed at 1.1362-63. The high from Thursday was at 1.13617. The high from yesterday was at 1.13632. The last hourly bar stalled at that level (see green numbered circle 4). Stay above would be the best case scenario for buyers/bulls NOW.
Apart from that, eyed the 1.1347, 1.13229 and then the rising 100 hour MA level at 1.13146.
