Bias trying to tilt higher
The EURUSD is trading at new session highs and in the process moved above the Jan 24 swing low (at 1.12885), and a topside trend line that has done a good job of stalling rallies (at 1.12926). For traders looking for a bottom, those breaks tilt the bias a little more to the upside. The price is not running so far, but there is a chance for more upside given the breaks. A move and momentum back below the levels would ruin the trade idea. Until then the buyers remain in control.
Helping the buyers today was the lack of momentum on the new lows today (see daily chart below). Yes, a new low going back to November 13th was reached, but that momentum faded. In addition, looking at the daily chart below, the 1.1266-68 area is home to low from November and December (and yesterday too). The move back above that area also gave buyers more of a reason to buy (thinking that a low might be in place).
