Up and down range between 1.1822 and 1.2092
The EURUSD over the last 15 trading days (3 weeks) has traded between 1.1822 to 1.2092. Over that time the price has gone up, down, up, down. Currently we trade near the middle of that range at 1.19573. The price is just above that level at 1.19644. The price is also above the 100 and 200 hour MAs at 1.19357 and 1.1953. Staying above those levels gives the pair a little more bull as a bias.
Wednesday and Thursday, the price action was on the most recent down leg. That move took the price back below the 1.1876 level to a low of 1.1837. The 1.1876 is the swing low from 2010 (see weekly chart). The price quickly rebounded and built support near the Sept 5 lows.
Another key level going forward for the pair is the 1.2042 level. That was the swing low from 2012. This week, the price high stalled at 1.2029, 13 pips below that level. A move above that level would be more bullish. It will likely be a stretch today but keep the level in mind, especially if the support on the hourly can hold support.
Overall, the 3 week picture is up and down. The zoomed in view with the price above the hourly MAs and the 50% is a bit more bullish. Stay above those levels is encouraging for buyers but only if it holds the levels. We also need to see some further momentum. Getting above the highs from Wednesday and the 1.2000 natural resistance level are the next targets.
