The EURUSD is higher in the week but had its shares of ups and downs. Yesterday, the price made a run to the downside, but found support buyers against its rising 200 hour moving average, the underside of the broken trendline, and the high of a swing area. That kept the buyers in play in the price pushed higher in trading on Friday.
The momentum to the upside dictate the price above a swing area at 1.1692 and 1.1703. The high price extended to 1.0714. The price has wandered lower but so far has remained above the aforementioned swing area. That area will be a close support going into the new trading week. Staying above it would give the buyers the full control.
Alternatively, the broken 100 and 200 hour moving averages on the downside at 1.1666 and 1.1649 would be other targets that if the market could hold on a dip, would still keep the buyers in play (although less so).
On the topside, the next key target would come in at 1.1787. That level corresponds with the swing high from July 24 and other swing levels going back to early July.
In the video above I outline the levels of importance given the current technical bias. The buyers are more in control. Will the buying continue next week?
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