EURUSD ticks to new week high and backs right off. Support target now tested.

Technical Analysis

Author: Greg Michalowski | eurusd

Trades in the technical range so far....

Draghi/ECB is trying to put the brakes on EURUSD, saying downside risks include FX. Interesting is also the dip in the 2019 inflation forecast to 1.4% from 1.5%.  Inflation remains subdued.  Interesting.

Anyway, the price of the EURUSD did move above the high from yesterday - by a pip and the selling was on on the failure.

The price is back down and trades down to test support at 1.23847 area (see post from earlier today).  Do the buyers come in at the level now and just trade the ranges? It is a risk defining level to consider for sure. 

So the technical picture remains the same with the market focusing on every word.  

The 1.23847 is a support target along with the 100 hour MA at 1.2366.  

The highs for the week remain the resistance. 

The close from yesterday comes in at 1.2408 and may be a barometer as well for more bullish or more bearish.