200 day moving average and high from May causing some stall
The EURUSD has moved above the 1.1000 level after the data today. The price high reached 1.1077, but as the 200 day moving average at 1.10121 and the May high at 1.1018 as hurdles to get to and through. If it can get done, that should open the the road for further upside momentum.
The trading range for the EURUSD today is 56 pips. The 22 day averages 80 pips. So their is some room to roam if “the market can make a break for it”.
As “the market” buyers make a play above the pesky 1.1000 level, the high from yesterday at 1.0998 might be a close barometer for the fortunes of traders intraday. Stay above and the serious test of those key topside levels are some the cards. Move below, and those buyers may give up.
When there is key technical levels in play on the topside and bottom side, and they are relatively scrunched together, it can make for an intense battle with a quick victor (and loser for that matter). We are in the midst of one of those battles.