The pair retreats towards the close at 1.1595
EURUSD rose for the 2nd day in a row. The price closed yesterday at 1.1595 and after falling to support at 1.1586 during the Asian session, buyers entered and hit a high of 1.16238.
The price fell and has since hit a low of 1.1597 as US claims data fell below 300K for the first time since the start of the pandemic. The PPI data was mixed. Staying in the dark for the day is at least keeping the buyers in the game. Moving above a swing zone at 1.1607 to 1.1613 will now be seen for more bullish intraday indices. The breakout above and the October 4th high at 1.1640 and the 38.2% retracement of the move down from the September high at 1.16705 would be the next major targets.
Conversely, a move into the red (below 1.1695) would be a disappointment, as would a return below the 1.1586 level (swing level). revisits 200 and 100 hour MAs to 1.1572 and 1.1566 in sight.
PS. Don’t forget the weekly chart. The 200 week MA is at 1.15691. The price rose above this MA yesterday and remains above this today. The 100 week MA is 1.16085. The price has also passed this level, but it is now below this level. If the price can go above the 100 week MA and stay above it, buyers would feel more empowered. In the absence of that and that momentum, it could weigh on the possibility of greater bullish momentum.
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