The EURUSD is continuing its move to the upside despite stronger services ISM nonmanufacturing data today. Employment moved higher as well. New orders were lower and prices paid was lower as well.
Technically, the price is moving closer to a cluster of resistance defined by the 38.2% retracement of the move down from the end of September high at 1.09345, the 100-day moving average at 1.09404, and above the 200 bar moving average of the 4-hour chart at 1.09555. Getting above that area would have traders looking toward the 50% midpoint of the same move lower and 1.0988 followed by a swing area between 1.1001 and 1.10145.
Holding resistance against us level would give sellers the go-ahead to push lower. Ultimately, a move below the 200-day moving average of 1.0869 would need to be broken to increase the bearish bias.
