Buyers making a play in the EURUSD now. Can they keep the momentum going?

Technical Analysis

Intraday sellers had their shot at NY session lows, and missed

Keeping things simple, the EURUSD trended higher into the early NY hours of trading.  However, momentum faded, and the price moved down and back up between swing areas at 1.2204 below and 1.2223 above.  

As London traders were getting ready to leave for the day, the price triggered stops below the lower extreme and scooted to a low at 1.21955.  The subsequent rise back higher tried to stay below the 1.22063 level, but once that gave way, the intraday sellers turned back to buyers. The price moved toward the upper extreme again at 1.22231.

Now the price is back above the upper ceiling (which is really the drop ceiling from the real high for the day) at 1.22231. 

The buyers are making a play. The question is….Can they keep the momentum going?

Taking a broader look at the daily, the 1.22424 would be the next key target on the daily chart on a new high. That is the swing high going back to February 25. Move above that, and the bullish door opens further. The high for the year is up at 1.23488.  That is the highest level going back to April 2018.

Articles You May Like

NZD/USD Price Analysis: Perpendicular fall looks imminent below 0.6300
Using sentiment surveys like the American association of individual investors
UK November final manufacturing PMI 46.5 vs 46.2 prelim
Yen Jumped as Fed Powell Knocked Down Dollar and Yields
Australia November Serices PMI drops further into contraction at 45.6 (vs. October 47.7)