February 4, 2023

Forex Solution

Learn To Trade Forex

EURUSD trades up and down today but makes another cycle high

2 min read

Traded to the highest level since February 26th

The EURUSD took another step higher today in up and down trading. Looking at the daily chart, the low based against the broken trendline (broke yesterday) at 1.2112 (the low price today reached 1.2111 just below that broken trend line). Stay above that line on the daily chart and the buyers are in firm control. Other support on the daily chart now comes in at the 61.8% retracement 1.21023 (close enough to the 1.2100).  On the topside, the high price reached 1.2149.  For what it is worth, that was a swing high from February 11, 2020.  Other upside targets come in at 1.2169 and 1.2189 (other swing highs from January and February. The high price for 2021 was back on January 6 way up at 1.23488.

Traded to the highest level since February 26th

Drilling down to the hourly chart, the run higher also stalled near a topside trendline connecting highs from April 20 and April 26.  The corrective move lower stalled near the 38.2% retracement of the swing higher from yesterday’s low at 1.2113 and the swing high from April 26 at 1.21164. With the underside of the broken trendline from the daily chart at 1.2112, that area between 1.2112 and 1.2116 is a key support area for the intraday traders.  The  low price dip to 1.2111 – respecting the area – before rebounding higher today.  Buyers remaining control.  A move below will have traders looking toward the 1.2100 area. Below that and the rising 100 hour moving average at 1.2091 (and a swing area from early this week between 1.2088 and 1.20931) will be eyed.

Source link

Copyright © All rights reserved. | Newsphere by AF themes.