February 8, 2023

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EURUSD moves back toward week highs

2 min read

Pair has been up and down over the last 4 days

The EURUSUD traded lower to start the trading week, and in the process move below the 100 hour MA. However, the break only lasted 4 hourly bars and the price shot higher. The high for the week was reached on Tuesday at 1.20793 (so far at least).  From that point the pair traded down, up, down and back up today.  The host Monday low was yesterday at 1.1994. That was near the top of a swing area going back to April 14 through April 16 between 1.1987 and 1.19943.

Pair has been up and down over the last 4 days

In trading today, the pair tried to put a lid against the 100 hour moving average. However in the early London morning session, the price was able to extend back above moving average level and sellers turned to buyers. 

The price has subsequently also move back above its 100 day moving average near 1.2054. The pair is currently trading at its highs for the day at 1.2070. That has now taken the price marginally above the high from yesterday at 1.20691. The high for the week at 1.20793 is the next target to get to and through. Get above the high (stay above the 100 day MA) and the upside opens up. The next target would look toward the 61.8% of the move down from the January high at 1.21023. 

EURUSD on the daily chart

The range since the Tuesday high has been 87 pips and as mentioned the price action has been up and down. Getting back above the 100 hour moving average and the 100 day moving average is certainly more positive from a technical perspective. Also positive is that the corrective move yesterday could not reach the rising 200 hour moving average (currently at 1.1998. See green line in the chart above). Buyers are more in control. 

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