The EURUSD began the week with a modest dip that tested the 100-bar moving average on the 4-hour chart. Buyers leaned against that level and quickly rotated the price back to the upside. That move carried the pair to a high of 1.1820 earlier today.
During the European and early U.S. session, a pullback found support near a swing area between 1.1779 and 1.1788. Buyers stepped back in at that zone and turned momentum higher once again, pushing the price toward the session high and the next key resistance target at 1.18289.
A sustained break above 1.18289 would be required to open the door for a run toward 1.1909, a level defined by a double-top from August 2021. Notably, on FOMC day last week, the pair briefly extended above that double-top to 1.19178 before sellers re-entered and forced a rotation lower. However, that level at 1.1909 remains by key target if the buyers are to push this pair to even loftier levels going back to 2021.
Note that the high price in January 2021 reached 1.23494. That was a highest level going back to 2018
