The EURUSD is continuing its move to the upside and has extended to the 50%/swing area between 0.9805 to 0.9816. The price is trading right at that area at 0.9815 as I type.
A move above would open the door for further upside momentum. Key technical level/area.
What would hurt the bullish bias here today in the short-term?
The high prices on Thursday and Friday intraday reached 0.9798, 0.98056 and 0.9808. Move back below those levels – given the importance of the topside resistance – could disappoint the buyers looking for the break to the upper half of the October trading range, and lead to a rotation back toward the 38.2% at 0.9771
Buyers are making a play, but they are running into the key resistance target