There goes the EURUSD. The rebound continues toward the 1.2400 target

Technical Analysis

Author: Greg Michalowski | eurusd

61.8% of the February range at 1.2401

The EURUSD has now raced to a new high for the week and looks toward the 61.8% of the move down from the Feb 1 high at 1.2401.  There are swing highs from Feb 6 and 7 at 1.2404.  

The high just reached 1.23996. I would expect those traders looking at the technicals to lean against the area, but be aware that there should be stops on a break.  

The 50% and 100 bar MA on the 4-hour at 1.2363-68 is now a support level (or it should be).

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