The upside trendline at 1.2120 tested and found sellers
The EURUSD on Friday moved back above its 100 day moving average enclosed above them moving average level for the first time since March 3. The 100 day moving average comes in a 1.20537. The high however stalled ahead of its 61.8% retracement of the range for 2021 at 1.21023 (the Friday high reached 1.20995).
Today, the low price extended above the 61.8% retracement but stalled just ahead of the a downward sloping trendline connecting highs from January and February. That trendline cuts across at 1.2120. The high for the day reach 1.21164 and found willing sellers against the level. The price has moved back below the 61.8% retracement and trades near 1.2083. The pair is also trading between the 100 day moving average below 1.20537 and the trendline above at 1.2120. Those technical levels will be the key levels from the hourly chart today (and going forward). Buyers above the 100 day moving average would not want a failed break again.
Drilling into the hourly chart below, there is a topping pattern with a mini head and shoulders (high, higher high, lower high). The price has also dipped below the swing high from April 20 (last Tuesday) at 1.20793. The Thursday high at 1.20691 would be another target ahead of the 100 day moving average for the week. That level is joined by the 38.2% retracement of the move up from Thursday’s low increasing the levels importance technically.
The rising 100 hour moving average is moving up toward the 100 day moving average of 1.20458 currently and would be another key area as it moves closer to that daily MA level.
On the top side close resistance comes near the 1.2088 -89 level (earlier lows for the day). Getting and trading back above that level with more momentum could see a shift of the intraday bias back to the upside as buyers and sellers battle it out.
SUMMARY: Ups and downs today with the high stalling against a key topside trendline on the daily. However, keys were remains below near the 100 day MA. So buyers and sellers are battling it out.