Highest level since September 1
The EURUSD is trading to a new session high in the process is testing the high from yesterday.
The EURUSD is has moved back above the swing highs from mid-September and early November near the 1.1919 level today (see daily chart above). On Wednesday – and again on Thursday – the price moved above that level but closed back below it. Stay above now would be more positive from a technical perspective.
Drilling to the hourly chart below, the price fall yesterday found support buyers near the 38.2% retracement 1.18865. The price also stalled just ahead of its 100 hour moving average (blue line.
Today, the initial high price moved just above the Wednesday high but backed off. The recent surge on dollar selling, has pushed above that level at 1.1929 area, but is finding some stall just ahead of the high price from yesterday at 1.19404. If the price cannot make new highs, there could be some longs give up before the weekend. Traders will then be watching the 1.1919 level for support (early November swing high).
A move above the 1.19404 is more bullish and should lead to more upside probing. The high for the year reached 1.20105 back on September 1. Ahead of that swing high, will be the August 18 and August 31 at 1.1965.