EURUSD moves toward last week's highs...

Technical Analysis

Author: Greg Michalowski | eurusd

Above the 3 month midpoint at 1.2354

The EURUSD is trading near highs for the day and near highs from last week. The pair is testing a swing area at the 1.2373-79 (see red circles). There were a number of swing levels in that area last week.  Above that, is the week's high at 1.23952.

The EURUSD got a boost on the break of the 100 hour MA (blue line currently at 1.23465). Recall from last week, the pair ping ponged (roughly) between the 100 hour MA above and the 200 hour MA below. 


Looking at the daily chart, the pair moved back above the 50% retracement of the 3 month trading range. The 61.8% is at 1.24016. The topside trend line on the daily chart is at 1.2432 today.


The fall last week was helped by more dovish ECB.  The US retail sales were a little better today. Empire Manufacturing, was not so great.  Nevertheless, the pair is higher (trading at new highs as a type and tests 1.2379). Do seller lean here?