Technical Analysis

EURUSD retests the highs from November

EURUSD swings back to the upside

The EURUSD is bouncing back toward the swing highs from November between 1.04806 and 1.0496. The corrective price high just reached 1.0485.

Key technical resistance level for the short term.

On the downside , the price fall reached 1.04277. The 100 hour moving averages at 1.04126. The 200 hour moving average 1.03914. Those levels would need to be broken to increase the bearish bias below that is the 200 day moving average 1.03659.

The US dollar has moved higher after the US jobs report, but the move to the upside did slow and we are seeing a rotation back to the downside.

For the EURUSD it has moved back into the resistance area which will be a key test for sellers and potentially an opportunity to sell with a stop above 1.0496.

US stocks are set to open which could cause additional volatility. Buckle in.

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