Forex technical analysis: EURUSD trades back toward unchanged

Technical Analysis

Author: Greg Michalowski | eurusd

Down and up day after support holds

The EURUSD is trading back near unchanged levels at 1.14667 after a down and up day.  

The low today stalled at the 1.1435 area (remember that level).   It also stalled ahead of its 100 hour MA at 1.1431 at the lows.  Support held and that helped to push the price back higher in the London morning session.   There is a topside trend line on the hourly chart at 1.1471 above.  The high from the Asian session stalled at 1.14743.  The high from last week reached 1.14889.  

Buyers came in on the dip today.  There was weaker data.   The 1.1465 level is being tested and we are trading near the highs. The buyers have a shot to take it higher.  We will see if they can push it through the highs and make a run at the 1.14889 level.  A move back below 1.1455 high from Thursday would pour water on the bulls who are looking for a break away now. 

The empire manufacturing index was weaker than expectations at 9.8 vs 15.0 estimate.  The impact has been limited as the market sleepwalks in early NY trading after the weekend.