The EURUSD pair exhibits an upward trajectory as it trades close to its daily high. Analyzing the hourly chart, the day's price action began with the pair dipping to the 100-hour moving average (depicted by the blue line in the chart above). However, buyers found support at this level and pushed the price higher. The significance of this moving average level has increased as the week commences.
As buyers find support, the price rose to a high of 1.10199 during Monday's morning session. In the past four hours or so, the price has been fluctuating. On the downside, the pair has discovered support near the low of a swing area between 1.0999 and 1.10066, with the low reaching 1.09984, just below the swing area's low. Buyers are once again entering the market to defend this support level.
At the moment, buyers are attempting to gain control. If they manage to maintain the price above the 1.0998 level, the market could potentially explore further upside. On the other hand, if the price falls below this level, it may disappoint investors and prompt additional downside probing. In such a scenario, the rising 200-hour moving average at 1.0979 would be the next target, followed again by the 100-hour moving average at 1.09682.
