EURUSD breaks above the 50% midpoint
The EURUSD has extended the days trading range the upside and in the process has moved above the 2022 midpoint level at 1.05155. Getting above that level is another bias shift.
Yesterday the price moved above and closed above its 200 day moving average currently at 1.03696. Today's move to the upside, confirms that break.
The high prices from November at 1.04798 and 1.0497 were broken earlier today, and are now risk levels for the EURUSD. I would expect that traders would not want to see a move back below those highs if the buyers are to remain in full control. Closer risk comes at the 50% midpoint, but you generally have to give some room for wiggle on the first break.
On the daily chart, the next key area to target would be near 1.0615 – 1.06347 (see red numbered circles on the chart above). That area was home to a number of swing highs and lows going back to the month of April, May and June.
