EURUSD squeezes higher. Choppy trading conditions.

EURUSD squeezes higher. Choppy trading conditions.

Traders eye the 1.2359 area now

The EURUSD just squeezed higher and looks to retest the Monday swing high and swing high for today at 1.2359. The price is trading at 1.2350 (high just reached 1.2354).  

Technically, the price action has been very choppy for the day – and for the week. The range for the week bottomed late Tuesday at 1.22375. The high was reached yesterday at 1.23879.  Most of the price action was in the 1.2251-1.2359 area.  

We currently trade above both the 100 and 200 hour MAs at 1.23138 and 1.2325 respectively. The 50% of the weeks trading range is also near the 1.23138 level, making the 100 hour MA and the 50% a key barometer for bulls/bears.  Stay above more bullish. Move below and the sellers take back the upperhand. 

Right now the bulls are in charge with resistance ahead. 

Looking at the daily chart, the extremes were able to extend below a lower trend line and above a topside trend line.  The pair sits back between those old trend lines. Today’s high stalled against upper line.  

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