The EURUSD moves to new highs and into swing area, but backs off

Technical Analysis

Author: Greg Michalowski | eurusd

Range for the EURUSD is still contained at 27 pips.

The EURUSD extended to new session highs as London/European traders look to head for the exits. The rise took the price to 1.10923. That was in a swing area defined by swing levels going back to November 6th between the 1.10894-1.10924.  Yesterday the price found sellers against the lower level of that range.  Today, we have seen traders leaning against the upper level (but still in the range).  

Range for the EURUSD is still contained at 27 pips.

If the price is to go higher, it needs to get and stay above that area. And then tackle the 61.8% retracement and natural resistance level at 1.1100.

What is in the buyers favor is that apart from a couple small dips, the price has been able to stay above its 100 day moving average at 1.10695 since breaking above in yesterday's New York session.  Also helpful is that the trading range for the day's only 27 pips. So there is room to roam on an extension to the upside.

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