Trading near highs for the day
The EURUSD moved to new session highs and in the process is pushing against the topside trend line at 1.24728. The high reached 1.24726. Last week (on Thursday and Friday) that MA line was broken and failed each day. I like to see if the market remembers that old line on the next test. So far traders are trying to keep a lid on it.
If the price moves above the traders will go after the high from last week at 1.2536. That is the highest level since December 2014. The high from December 2014 reached 1.25688 and will be the next upside target. Above that is the 61.8% of the move down from the 2014 high to the 2017 low at 1.25972.
On the downside, moves toward the 100 bar MA on the 5-minute chart have attracted buyers. A move below with momentum would be a little more bearish. The upward sloping trend line and 200 bar MA (green line currently at 1.24299) would be other targets for sellers now.
