Technical Analysis

EURUSD above 1.0300 and the 38.2% retracement target today

EURUSD above 1.0300

The EURUSD is trading back above the 1.0300 level for the 1st time since August 12.

On the topside, there is any upside swing area between 1.0339 and 1.03657 on the daily chart above. That area is the next upside target on further momentum (see green numbered circles). Above that and the falling 200 day moving average comes in at 1.0436 currently. You have to go back to June 16, 2021 for the last time the EURUSD traded above its 200 day moving average.

The move to the upside today has taken the EURUSD above the 38.2% retracement of the move down from the 2022 high. That retracement comes in at 1.02836 and is bracketed by a swing area from July and August between 1.0273 and 1.0293 (see red numbered circles in the chart above).

Stay above those levels in the short-term keeps the buyers in control. Move back below and there can be some disappointment on the failed technical break.

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