The 1.1028-316 is a swing area to get above for the EURUSD
The EURUSD is moving higher in trading today. Yesterday, the price tried to extend below the natural 1.1000 support level. The low price reached 1.09918 and trade below for the few hours but momentum could not push the price toward the end of November low price at 1.09806, and sellers turned back to buyers.
Looking at the 4 hour chart, the price started trade back above a topside trend line. The last few bars on the 4 hour chart has extended higher - perhaps helped by the GBPUSDs surge.
The high price reached 1.1031. That is within a swing area that dates back to the week of November 22 and into early December when the price created a temporary ceiling at the 1.10281 to 1.10316 area. In trading at the start of this week's trading, the price action did move above that area, but after a few4-hour bars, sellers leaned against the level and push the price lower.
If the buyers are to build on this rally away from the 1.1000 level, getting above the 1.10316 and then the 1.10392-40 level (swing low from December 6 - see higher solid red line) will be eyed.
If the price get above (and stay above) there may be more momentum toward the 38.2% retracement at 1.1060 and the 100 day moving average at 1.10655.
PS the trading range for this week is a narrow 45 pips. The low trading range for a calendar week in 2019 was 51 pips. Going back to 2002 there is no trading week less than 45 pips. That would suggest between now and the end of day on Friday, we should see an extension above the high price for the week at 1.1037, or below the low for the week at 1.09918.
