n the US trading session, the EURUSD bulls are making a move, pushing the rate beyond the 1.0760 resistance that was seen over the course of the past few days. The price has now moved up to a peak of 1.0776.
The pair had been limited to a range of 1.07116 and 1.07601 for the past couple of days, which equates to a 49-pip gap compared to the typical 90-pip range seen during the past 22 trading days. Today, the range of 51 pips from the low to the high hasn’t changed much. However, buyers are attempting to gain some traction. Will they be able to keep the momentum going?
When we look at the daily chart below, the price has moved into a trading range which begins at the 61.8% retracement of the 2022 range at 1.07468 and ends at 1.0805 (red numbered circles). This area has been home to various swing lows and highs from March to June before the pair started to move downwards (red circles 1 to 8).
At the beginning of the year, that area will be a significant measure. Should the market move up and stay beyond the 1.1800 area, it will signal a bullish sentiment and will likely result in traders aiming even higher. On the other hand, if sellers come in, the peak may have been reached for the time being.
A focal point for purchasers and vendors.