A key test as the ups and downs continue for the pair
The EURUSD moved lower earlier in the session and tested the swing area at 1.1713 to 1.1720. The low price reached 1.17103 before bouncing higher (close enough).
The subsequent move back higher has seen the price trend (6 of the last 8 hours have been higher). We are currently trading at new session highs and in the process are pushing against the 100 and 200 hour moving averages at 1.1785 and 1.1795 (blue and green lines in the chart above). Key technical area.
A move above should solicit more buying although there is a swing area resistance at 1.1801 to 1.18089 to still get to and through. Such is the problem when the price is in the midst of an up and down trading range. So although higher, the pair is near a few key resistance areas that will need to be broke if the pair is to continue its intraday run higher AND tilt the bias more to the upper half of what has been an up and down trading ranges since July 27.
