First move is lower in the early NA session
The EURUSD moved lower into the early European session this morning and in the process reached a swing area from the prior two trading weeks. On September 13, the high reaches 1.17212. ON September 18, the high reached 1.17239. The price bounced off those swing levels.
The run higher has been able to push above another swing area from July. The 1.1743-495 were swing highs between July 20 and July 31. The price today and last week have moved above and below that area. Watch that area as a support level on a dip today. Hold and a run toward the highs and topside trend line will be eyed (see chart above).
The pair is in the middle of channel trend lines. The topside trend line comes in at 1.1824. The lower trend line comes in at 1.1693.
Drilling to the intraday price action, the midpoint of the day comes in at 1.1748. The 200 bar MA on the 5-minute chart comes in at that same area too. It lines up with the high of the swing area from July.
