Peak also near swing highs from Monday/Tuesday last week
The EURUSD moved nearly to the 1.1200 level (high reached 1.11996 on my chart). Not only is a natural technical level, it can also be influenced by option flows. Although there are not a lot maturing at the 1.1200 level today, looking ahead $1.3B expires tomorrow at the level.
The area was also a swing area from last Monday/Tuesday which has given traders a cause for pause.
Looking on the daily chart below, the move higher today, has taken the price above swing lows from March and April ath the 1.11744 and 1.11821 levels. Admittedly, the price has traded above and below that area through May, but if the dollar trend is reversing (off the double bottom), staying above today, might be the technical clue needed to see by buyers. Be aware. Watch those levels for support today.
On more upside momentum, a trend line above on the daily chart comes in at 1.12108 with the high from last week at 1.12145 also near that level. A break above that area and the 38.2% of the move down from the March high comes in at 1.12267. That is also near the underside of a broken trend line (that line was tested last week and stalled the rally - see red circle 4 and 5 - see chart below).
