EURUSD technicals:The EURUSD is consolidating close to the week's highs purchase above 50% midpoint

The EURUSD started its upside transfer final Friday after discovering help on the 100-day transferring common, which served as a robust base for consumers. That momentum prolonged into this week, with the pair breaking above the 200-hour transferring common and the 38.2% retracement (1.1558) of the decline from the July excessive. The bullish transfer continued previous the 50% midpoint at 1.16098, confirming elevated management by consumers.

On Thursday, the pair peaked simply shy of 1.1700, a pure resistance degree, earlier than pulling again to retest the 50% retracement. Patrons held that line, reinforcing the bullish bias. Whereas Friday’s excessive fell in need of Thursday’s peak, the upper low saved consumers within the recreation and set the stage for a key check early subsequent week.

From a technical standpoint:

• A break under the 100-hour transferring common (1.16156) and the 50% retracement (1.16098) could be wanted to shift the bias again towards the draw back and disappoint bulls.

• Conversely, holding above these ranges and pushing by way of the 61.eight% retracement at 1.16815 would open the door for a retest of 1.1700, adopted by the July highs at 1.1787 and 1.18289 as bullish goal.

The video above outlines the important thing ranges and explains all of the “whys” for the important thing ranges.

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This text was written by Emma Wang at investinglive.com.