Pair looks back toward the 1.2000 level and 2020 high at 1.20105.
The EURUSD reached a high of 1.20027 yesterday. The price moved above the natural resistance at 1.20000 level, but cannot reach the 2020 September 1 high at 1.20105. The price fell sharply and closed at the session lows. That close took the pair in the last hour of trading below the 100 hour moving average (blue line near 1.1928) and the 38.2% retracement at 1.19250.
However, the new trading day saw early buyers in the Asian session and the price started its rebounded higher. The pair in the European/London session moved back above a swing area between 1.19612 and 1.1965. The high price stalled against an old trend line. That trend line was broken yesterday on the way to the highs, but reversed back below on the decline.
The topside trend line currently comes in at 1.1987. A move above that line, and then the 1.2000, the high from yesterday at 1.20027 and the high from 2020 at 1.20105 will be the upside targets. Get above the 1.20105 and the door opens into new territory not seen since April of 2018.
The close intraday support comes in at the the swing area between 1.19612 and 1.1965. If the price starts to trade more comfortably below that level, we could see a run back toward the 1.19404 area (swing high from last Thursday and a swing low from yesterday).
