The EURUSD has moved above the 100 hour MA (blue line in the chart above) at the 1.2234 level (high reached 1.22442 so far). The market is getting hyped up for a potential shift in Bernanke economic perspective tomorrow when he testifies in Washington this week (with QE3 back on the table). Support now comes in at the the 200 bar MA on the 5 minute chart 1.2228 and the midpoint of the days move at 1.2223. I would expect traders to keep the price above these levels today as focus shifts toward the US for the time being.
The next upside targets are 1.2253, the high from today at 1.22717 and the 50% of the move down from the July 6th high at 1.22812.