The EURUSD is moving to a new session high and in the process is extending above a swing area between 1.05922 and 1.05986 (see earlier post outlining the target area). The price is trading at 1.0605 currently.
On more upside momentum, the pair would next target the 1.0633 to 1.06421 area. That level corresponds with swing lows from April 26 and April 27, and a swing high from May 5. The 50% midpoint of the move down from the April 21 high cuts across at 1.06421 and the high price from May 5 is at 1.0641. That high was the high of a range that confined the pair from April 27 to May 12.
The low price today and yesterday moved below the low of that up and down trading range, but based above the 100 hour MA (blue line). The holding of the 100 hour MA was a catalyst for the move to the upside today from a technical perspective.
