The EURUSD pushed higher in the US session, breaking away from the converged 100- and 200-hour moving averages and moving above both a downward trend line and the top of a key swing area at 1.17419. That break gave buyers added confidence and fueled a run to the topside, where the pair briefly extended above the 38.2% retracement of the decline from the September high at 1.1749.
However, momentum stalled just shy of a critical resistance zone at 1.1759, which marked yesterday’s high and aligned closely with Tuesday’s peak. The repeated failure to push through this ceiling underlines its importance as a short-term target and potential pivot point.
Since that rejection, the pair has rotated lower, sliding back toward the top of the prior swing area at 1.17419 and edging closer to the 100- and 200-hour moving averages near 1.1733. This cluster of levels now serves as the barometer for near-term bias. Holding above keeps buyers in control and maintains the bullish tilt, while a move back below would erode that momentum and shift the focus back to the downside.
