The EURUSD is keep in the upside momentum going after the breakout earlier today. The price moved above recent swing highs that have confined the pair since November 16 above 1.13857. The high prices reach 1.14246.
The next upside target come in at a swing low going back to November 12 at 1.14323 followed by the 50% midpoint of the trend move down from the October 28 high that bottomed on November 24 at 1.11853. That retracement level comes in at 1.14385. The price of the EURUSD has been waffling up and down the between 1.1220 and 1.1385 since November 26.
The move up today has the 38.2% of the range at 1.13977. In a trend move and breakout, traders would want to see the buying keep the price moving in the upward direction with modest corrections. Holding that level (and near the 1.1400 level) would be a close risk level for buyers.
Traders looking to take more risk, would likely wait for 1.13857. Going back into the "red box" of the consolidation range would not be a good thing technically.
