Squeezes higher
The EURUSD is moving back higher on the back of weaker JOLTs data.
Technically, the pair could not extend below the earlier low for the day (intraday - see green circles). That may contribute to more of a bullish bias. The price also moved back above the 100 and 200 bar MAs on the 5-minute chart (blue and green lines in the chart below).
In addition, a break of a trend line on the daily chart may potentially fail (see chart below). That trend line comes in at 1.1034. We are currently trading above that line.
Looking at the 5-minute chart, the high stalled at a topside trend line. That needs to be broken. ON the downside the 1.1034 level is close support. Other support may be down to 1.1028 where the 100 bar MA on the 5-minute chart is found. Also that area was where earlier highs occurred today. If the pair can stabilize in this area, there is a potential for a move back higher. If it cannot, the buying will fizzle.
