Higher on the day but trades between close technical levels
The EURUSD only has an 89 pip trading range from high to low. That is well below the 162 pips average trading range seen over the last month of trading. The volatility is less.
Technically, the price trades between a lower trend line at 1.0783 and the 100 hour MA at 1.07531 (blue line). The low for the day in the Asian session did find support against that MA level and bounced. The buyers did their job and kept the bias moving to the upside. Stay above going forward would keep the buyers in control going forward.
On the topside, the targets above include the:
- 38.2% at 1.08643,
- a topside trend line at 1.0870
- The high from yesterday at 1.0887, and the
- 200 hour MA at 1.09036
Those are the hurdles on more upside momentum. The price has not been above the 200 hour MA since March 12 in the pair (at a much higher level).
Taking a broader look at the weekly chart below, the high yesterday at 1.0887 was able to squeak above the low from 2019 at 1.08787 (by 9 pips). IF the EURUSD is to move higher, getting and staying above that low would be eyed as a key clue.