Can the price stay above that level and 1.1172 below
The EURUSD did move higher and in the process moved to a new session high at 1.12128.
Looking at the daily chart, the price rise has taken the price above a topside trend line at 1.1181. That trend line is being retested currently. A move below with more momentum, may take some of the steam out of the move higher. Getting below 1.1172 would be another bearish tilt at least on intraday basis.
On the topside, the 1.12144 to 1.1248 area is home to swing highs from August 2019 and the end of December 2019. That matched some swing lows from October 2018 and February 2019. Admittedly, from March until July 2019, the price traded above and below that yellow area, but of late, the area has been reestablished as resistance ceiling.
Should the price get above that level it would open up the door for further upside potential with 1.1411 swing hi from June 2019, and the 38.2% retracement at 1.14566 as topside targets.
Helping the currency pair is that the ECB has limited easing potential. With the Fed cutting rates, that narrows the interest rate differential in the favor of the EUR. What might hurt that narrative, if countries like Germany announced strong fiscal policy measures.
