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EURUSD holds gains near the week high as resistance nears
The pair is up 0.2% and faces a string of technical hurdles, including the 100-day moving average at 1.1569 and the 50% retracement at 1.1586.
EURUSD remains biased higher after a pullback earlier in the session was defended in the 1.1498 to 1.1506 swing support area, Forexlive reports. The pair held above its rising 100-hour moving average and ultimately closed higher.
In the latest move, EURUSD is up 0.2% and trading near the session high at 1.1557, just below Monday’s high at 1.1558. A break above Monday’s peak would mark another small win for buyers, but the technical path ahead is set to get more difficult.
Forexlive points to the 100-day moving average at 1.15686 as the next major hurdle, followed closely by the 50% retracement at 1.1586. The retracement also lines up with the upper end of a swing area dating back to May.
The report notes sellers may look to lean against the resistance band between the 100-day moving average and the 50% retracement, with the initial downside target around the 100-hour moving average at 1.1523. A break below that support would strengthen the bearish case and could invite more selling pressure.