1.1054-63 is eyed for a break one way or the other
The EURUSD is higher in trading today, and in the process moved above the 200 bar moving average on the 4 hour chart at 1.1061 currently, and also the 38.2% retracement of the move down from the November 4 high at 1.10597.
Another key area that includes those levels, runs from 1.1054 to 1.1063. That area is home to a number of swing lows and highs going back to November 5 (see yellow area and red numbered circles). Back before November 8, it was a floor. Since November 8 it has been a ceiling.
Admittedly, the price today moved above that level on a number of hourly bars (see red shaded area in the chart above), but momentum could not be sustained (there was only one bar that was able to close above and that was just barely).
So, there is some reluctance on the topside to extend.
The market is currently trading between those swing areas, and seems to be waiting for the next shove.
Move below the 1.1054 level and there could be a rotation back down toward the swing high from November 11 at 1.10426 and the 200 hour moving average at 1.10345.
Conversely, if the price holds and starts to build back above the 38.2% retracement, the 200 bar moving average on the 4 hour chart, and the high of the swing area, it would give buyers some added incentive to push higher toward the 100 bar moving average on the 4 hour chart at 1.10765 and the 50% retracement at 1.10817. The 100 day moving average is a little bit higher at 1.10897. Those are the progressively higher targets on more upside momentum.
For now, however, traders are waiting for the shove in onedirection or the other
