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High was on Monday. Low was on Thursday against the key 100 day MA
The EURUSD is correcting higher and is currently testing a swing area between 1.16879 1.16931. The swing low from October 15 and 16 defined that area. Earlier today, the high price moved up to test the upper extreme (traded to 1.1694). That area is joined by a downward sloping trendline just above at 1.1695. Get above would give the buyers more confidence.
For the week, the EURUSD traders highs in the 1st few hours of trading on Monday. On Tuesday, the buyers had their one-shot with a move above the 100 hour moving average (see chart above), but that shot failed. On Wednesday and Thursday a corrective move to the upside stalled against October 20 swing low. Sellers remained in control. Finally yesterday the price decline stalled right at the key 100 day moving average (currently at 1.16577). Since then, the price has waffled with support buyers lean against that keep moving average at the lows today.
As I type, the price is extending above the topside trend line and looks to test the 1.1700 level.
Buyers are making a play above the swing area and could see a move toward the 1.1717 level (the low from Wednesday’s trade. The 38.2% retracement of the move down from Tuesday’s swing high comes in at 1.17216. Move above that level and traders will be looking toward the 50% retracement 1.17439. The falling 100 hour moving averages at 1.17568.
Close risk now comes in at the 1.16879 level. Stay above and the buyers remain in control intraday. Move below and the intraday waters become more muddy.