EURUSD looks to retest the high from Monday/January and topside swing level | Forexlive

The EURUSD has moved to a new high for the day and in the process has moved closer to the Monday high price at 1.09261. Above that level and traders would eye a swing level around 1.0940.

Going back to March and April 2022, there were a series of swing lows and highs between 1.0935 and 1.09438. Getting above that area would open the door for further upside momentum.

Conversely, sellers against the area may see traders increasing that level as a top side ceiling.

Drilling to the hourly chart below, the low price today stalled near the rising 100 hour moving average (blue line in the chart below) the inability to move below those levels gave the buyers the go-ahead to push to the upside from a technical perspective. The earlier high for the day at 1.09107 was broken, but the price has since rotated back down below that level. The high price from Monday has not been able to be reached yet.