EURUSD moves up to test the high from last week | Forexlive

The EURUSD moved above the trend line at 1.0660 and the swing area high at 1.0668, and the momentum took the price toward the swing high from last week at 1.0691. The high-price just reached 1.06892, and has backed off. The current price trades at 1.0676.

Earlier today, the pair found support buyers against its 100 hour moving average (blue line in the chart above. That gave the buyers the go-ahead to push higher.

The levels broken to the upside, now become support levels on the downside if the buyers are to remain control. Traders who see a higher EUR will not want to see the price move back below 1.0668 or 1.0660. A move back below the rising 100 also be a negative especially since support held against that level today.

On the top side, getting above 1.0691 would have traders ultimately looking toward the 38.2% retracement near 1.07229. That is of the move down from the February high. If the price is going to move higher, getting about 38.2% retracement is the minimum retracement target. Absent that, and the buyers are still struggling. Conversely, the sellers still are in play for control.