Support & Resistance

EURUSD moves into – and above – a topside swing area

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EURUSD trades back up and through swing area

The EURUSD based in the London morning session near the 100 hour moving average currently at 0.9810. The subsequent bounce has now taken the price above a swing area between 0.98578 and 0.9877. The high price just reached 0.9890 but has already backed off to 0.9866 currently. In the Asian session, the high price reached 0.98985.

Traders will be watching the 0.98578 area for support if the buyers are to keep control. A move below would weaken the technical picture after 2 breaks above the swing area fails in trading today.