The EURUSD began the US session by testing both the 100 and 200 moving averages (blue and green lines - refer to earlier video). For the bullish momentum to continue today, buyers needed to defend this area. They successfully did so, and the price has since moved back towards the day's high. Currently, the price is approaching a significant swing area ranging from 1.0925 to 1.09438.
Examining the daily chart, we can observe that this swing area has historical significance. Although the price managed to breach and close above the upper end of this range in early February and once again earlier this month, it failed to maintain the momentum and retreated lower on the following day. For the bullish bias to strengthen, the price needs to not only rise above 1.09438 but also remain above this level. If this happens, the next target for the bulls would be the high reached in early February, which is also the yearly high at 1.10317.
