High today stalls just ahead of 1.1500 level.
The EURUSD has continued it's move higher today on the back of yield contraction between US and Europe. The Fed has more room to cut rates and that is driving the EURUSD higher.
Looking at the daily chart, the price today moved above its June high price at 1.14115 and the 38.2% retracement of the move down from the 2018 high price. That level comes in at 1.14563. The high price for the day peaked at 1.1491. We currently trade back below the 38.2% retracement at 1.1447 which does give some cause for pause. A move back above the 38.2% retracement level (and staying above) would be more bullish technically.
Drilling down to the 5 minutes chart, the price action hasn't been all that trend like today. There are lots of ups and downs in the intraday trading.
Nevertheless, most of the day has been spent above its 200 bar moving average on the 5 minutes chart (green line). There was one 5 minute bar that closed below the level. That moving average would need to be broken and stay broken to potentially shift the bias intraday a little more to the downside. The 200 bar moving average currently comes in at 1.1397.
On the topside, the price is testing a trendline at 1.1457. A move above that level and then the London swing high at 1.1477 and the Asian high at 1.14918, would be the steps that would increase the bullish bias for the pair.
