EURUSD backs off from test of the high from October | Forexlive

The EURUSD moved above the 100 day MA target at 1.0042 and found more buying. The next target was the high from October 27 at 1.0093. The high price reached 1.00957 just above that level. Buying stalled and the price has since moved lower. Call it a double top.

The price has rotated back down to a low of 1.0060. That is still above the 100 day moving average 1.00421.

Ultimately, it would take a move back below the 100 day MA at 1.0042 to completely disappoint the buyers above the 100 day moving average and give sellers against the high price from October 27 some added comfort.

Meanwhile with the double top in place (that is also near the low of a swing area up to 1.0121), getting above 1.0095 is the next upside target to increase the bullish bias with 1.0121 as the next target area, followed by 1.0183 – 1.01968.

Buyers and sellers in a battle between 100 day MA at 1.0042 below and October and now November high above at 1.00957