New highs for the EURUSD. What next? | Forexlive

The EURUSD is moving to a new session high as yields move lower. The 10 year is down -3.6 basis points. The 30 is down -5.5 basis points.

The move to the upside is approaching a swing area between 1.0707 and 1.0724 (see red numbered circles). The falling 100 hour moving average is also in play at 1.07167. Last week on Thursday and Friday, the 100 hour moving average was broken to the upside. However sellers momentum faded and sellers returned to push the price lower and back below the MA in each instance. Nevertheless, the 100 hour moving average is STILL a barometer for bullish above/bearish below.

Taking a broader look at the daily chart, the price low today did take out the low from Friday (which took out the low from February 7). However the price fell well short of the next target area near 1.0615 down to 1.0534 on that chart. Buyers returned on the failed break.

On the top side, the 1.0750 up to 1.0805 is a key resistance level to get to and through this week if the buyers are to take back more control on the chart. Last week, the high price from last Monday’s trading stalled at 1.0798 just below the 1.0805 topside target (see green numbered circles on the chart below). That stall, gave the sellers the edged although price action was limited and up and down.

In the weekend technical look I outline the details of the EURUSD and the other pairs vs the USD.