EURUSD moves up to test the earlier day’s high

The EURUSD retests the high from earlier today and in doing so completes another up and down (or down and up) session for the pair.

Every day this week, the price has moved higher or lower and reversed lower or higher. Today, the price moved higher initially, fell down and returned to the maximum.

Technically, the low price today was able to reach below the 100-hour MA (blue line), but stopped at the rising 200-hour moving average (green line in the chart above). The subsequent rally returned to the early European session high near 1.0857. Until now sellers have been able to keep the price just below that level. The current price is trading at 1.0852

Overall this week (and going back to last Friday and parts of Thursday), the price remained confined within a limit defined by a swing low at 1.0760 and a swing high at 1.0874. On Wednesday there was a short break above the upper side extreme, but that break quickly failed and resistance was restored near the upper side swing area ceiling between 1.0866 and 1.0874. That swing area, and the high for the week, will need to be broken to get the price out of this up-down trading range.

Without that, and a move back below the 100 and 200 hourly moving averages would have traders looking at the lower ends of the week’s range this week.