EURUSD trades to new session highs.. backs off
EURUSD has a choppy sideways-up day
The EURUSD is higher on the day, but the slope of the rise has been choppy but also supporting at lows.
You can see that bias on the 5-minute chart above.
The price of the EURUSD has seen the price move below a 200 bar MA on 4 separate occasions but each dip, the price decline stalled at or just above a lower trend line. The price breaks of the 200 bar MA did not go far.
On the topside, the pair is also finding sellers near (or ahead of) a topside trend line.
So buyers remain in control, but the momentum higher is more limited.
Trader's have the pattern from the trend lines, and I would expect them to take clues from those lines.
- Sellers, don't want to see that topside trend line broken.
- Buyers would not want to see the lower trend line broken.
Helping the buyers, is that the price moved above the 200 day MA and 200 week moving averages on Friday. The 200 day MA comes in at 1.13496. The break on Friday was the first time above that MA since May 2018.
The 200 week MA is at 1.13444 this week. Staying above that MA also gives buyers an advantage over the sellers.