The EURUSD started the US session buying and selling close to the lows for the day, hovering simply above the low from final week at 1.15414. Sellers made a number of makes an attempt to push the pair beneath that degree, however every effort didn’t generate sustained draw back momentum. As soon as the value began to commerce extra comfortably above the high of the close by swing space at 1.15612, sentiment shifted — sellers turned to consumers, sparking a rebound.
That upside push carried the pair towards the subsequent key swing space between 1.1581 and 1.15959. The important degree inside that zone is the falling 100-hour shifting common at 1.1592, which additionally coincides with the 61.8% retracement of the transfer up from the August 1 low. The overlap of those two technical markers makes this space significantly necessary.
A break and maintain above 1.1592 would doubtless open the door for additional upside momentum, as it will sign a shift in near-term management again to the consumers. Conversely, failure to increase above and a rotation again beneath 1.1561 would preserve the broader downtrend from the September excessive intact, leaving sellers in charge of the technical narrative for now.
