The EURUSD is trading near the highs for the day and also trades near the recent cycle high reached on December 5th at 1.0594. The current price is at 1.0570. The high reached 1.05769.
A positive (bullish) for the move higher is that the price is above the 50% of the move down from the January 2022 high. That level comes in at 1.05155. Although the price low today moved below that level to a low of 1.0505, the November highs at 1.04806 and 1.0496 were not approached. The lows from last Wednesday stalled in that area. On Thursday, the low found early buyers against the high of that area as well.
On the hourly chart below, the lows today did breach the 100 hour MA, but the 200 hour MA could not be broken. That MA (rising) comes in at 1.05024. It would take a move below the rising 100 hour MA at 1.0521, the 50% of the 2022 trading range at 1.05155, the 200 hour moving average 1.05024, and the November highs at 1.0496 and 1.04806 to increase a bearish bias this week. Absent that and that pair is still tilting more to the upside from a technical perspective.
On the topside, move above the December high at 1.05943, and traders will took toward the swing area on the daily chart between 1.0615 and 1.06407 (see green numbered circles on the daily chart above). Move above that and the 61.8% of the 2022 range at 1.07468 would be eyed.
