The EURUSD is lower but supported below

Technical Analysis

Author: Greg Michalowski | eurusd

The 1.1000 level is still key below (and so is 1.1100-10 above).

The EURUSD is lower but has seen up and down price action. The pair is off the low for the day at 1.1012 (currently trades at 1.1025).   A trend line at 1.10187 (and moving higher) held support on the most recent lows.   

The 1.1000 level is still key below (and so is 1.1100-10 above).

The key barometer below for the buyers and the sellers is at the 1.1000 area. The rising 100 hour MA is at 1.1002 currrently. The 50% of the move up from last week's low comes in at 1.10013. There are swing levels from earlier in the month from 1.0999 to 1.1001.  If the trend line and low for the day is breached, moving to test that key level will be eyed.

On the topside, the 1.10334 is the high from last Thursday.  The high today reached 1.1042.  Stepping above each, will have traders looking toward the 1.1062 high from last week. 

Taking a look at the daily chart below, the price moved above a topside trend line at 1.09975 today (increasing that areas importance).  The price is waffling above and below the 1.10265 low from August 1.  Above sits the 38.2% of the move down from the last major swing high in June. That comes in at 1.10822.  If the buyers are to truly take control, getting and staying above that level is the minimum for the bulls.  The 1.1100 to 1.1110 is another key upside target to get above. Recall, that area is home to swing lows from April, May and July.  In September, the high stallled in that area too. 

The ERUUSD on the daily chart.

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