High reaches 1.19918
The EURUSD moved up to a high of 1.19918 - just short of the natural resistance at 1.2000, and closer to the high from 2020 at 1.2010 (from September 1). The high today is near the swing high going back to May 14, 2018 which came in at 1.19957. Needless to say, there is some reluctance at the levels. The price action today is moving away from the swing high from August 18, 2020 at 1.1965. That is close support off the daily chart now.
Anyone else rooting for a high for 2020 at 1.2020?
Drilling to the hourly chart below, the low for the day trading briefly below the 1.1965 level (from the daily chart) in the Asian session (the low reached 1.19615 before turning back higher). Getting below it, and the low for the day, would have traders looking toward the 38.2% of the move up from Thursday's low at 1.19509. The rising trend line would also be eyed on more weakness.
There is a closer risk level near the broken topside trend line at 1.1970 currently (and rising modestly). The dip off the high moved down toward that line and bounced so far in the North American session.
There is overhead resistance in the EURUSD which may stall the rally including the high for the year at 1.2010. However, until the sellers can prove they can take back some of the downside targets, the buyers are more in control.
