EURUSD extends to new session highs | Forexlive

The trading volatility in the EURUSD has been up and down today. After moving higher in the Asian session and getting above the high of a swing area up to 1.0694, the price rotated lower falling below both its 100 and 200-hour moving averages (blue and green lines) but found support buyers in the 1st hour of US trading against the 38.2% retracement of the November range at 1.0664. The price has been stepping higher since then.

With the price now back above the 100 and 200-hour moving averages, the bias is more positive. Also holding the 38.2% retracement at session lows, gave the buyers the early “go-ahead” to push higher.

The trading range for the day is now up to 41 pips. That is still shy of the 70 PIP average over the last 22 trading days (around a month of trading). There is room to roam.

Staying above the 1.0694 level would be the closest risk for buyers while the 100-hour moving average would also be a risk-defining level at 1.0687.

The USD was mostly higher at the start of the day, but is now mostly lower. It is only higher marginally vs the JPY and the NZD. The USD is the weakest vs the GBP (-0.38%) and the AUD (-0.35%).