As the market awaits the potential release of the Fed chairs prepared text for his testimony on Capitol Hill, the EURUSD is trading between technical levels.
On the topside today, the high prices stalled against/near the high price from last week and yesterday. The high price reached 1.0694 just above what was a ceiling area near 1.0692. Getting above that level will increase the bullish bias for the EURUSD and have traders looking toward the 38.2% retracement 1.07229.
On the downside, the swing low off the high price stalled against the underside of the broken trend line near 1.06532. That is also near a low of a old swing area going back to February 13. Below that level, the key 100 hour moving average at 1.06417 would be needed to be broken to increase the bearish bias. Recall that in trading yesterday, that moving average held support both in the Asian and London sessions.
On a break of the 100 hour moving average, the 200 hour moving average would be targeted at 1.06142 (it corresponds with a trendline as well). Move below it would give the sellers firm control.
