Buyers trying to push higher, but ceiling being developed
The EURUSD continues to trade above and below the 200 day MA at 1.10083. The pairs price moved above that MA level yesterday on the way to a high of 1.10305. Today's Asian session high reached 1.10345 but could not sustain the momentum. The low today (in the London morning session) fell to a low of 1.0991.
Traders are taken the price back up toward the highs for yesterday and today (in the 1.10305-347 area). The North American session high just reached 1.10292 and backed off.
So far sellers continue to lean against recent highs and remain intent on creating a ceiling. When you have a ceiling, you need a break to make that ceiling become a floor. Failure to break, and the ceiling becomes more entrenched as a resistance level to lean against.
Taking a look at the daily chart below, if the ceiling can be busted, the next key target comes at the 50% retracement of the 2020 trading range. That level comes in at 1.10633.
