The EUR/USD is heading higher, reaching a new daily high while breaking above the mid-50% level of the trading range from the September 2022 low, which is at 1.04053 (see daily chart ).
On the hourly chart, the pair has been oscillating above and below this midpoint over the past five trading days.
After the FOMC decision last Wednesday, the pair fell sharply to a low of 1.0343, just above the November low of 1.03322 – the lowest level for the pair since 2022. Last Friday, the price tested Wednesday's low but found strong buyers, propelling the pair back higher. Friday's high stopped at the lower end of a swing range between 1.0448 and 1.0461.
Currently, minor resistance is seen at 1.0424, followed by the 200-hour moving average drop at 1.04384. On the downside, the 100-hour moving average at 1.03976 has been a recent pivot point, with the price moving above and below it multiple times. A sustained move back below this level would make the technical bias towards the downside. For now, the pair's near-term direction depends on their ability to sustain gains above the midpoint and challenge the resistance levels in front of them.
