Moves above the 50% of move down from Oct 16 high. Watch that level intraday now
The EURUSD is trading to a new session high and in the process has moved above the 50% of the move down from the October 16th high at 1.14178. The pair has been trying to base against that 50% level over the last 5-6 hours.
That level will be eyed as an intraday bias level. Stay above, more bullish. The high price just reached to 1.14373.
On the topside, the next target comes in at the 1.14468-55 area (swing highs) The 61.8% of the move down and a topside trend line comes in at 1.14657. That level will be a tough level for the buyers. Look for some selling on a run toward that level.
Looking at the daily chart below, just ahead is the 50% of the move up from the January 20917 low at 1.14472. The 1.1506-29 swing area and the 100 day MA at 1.15584 are upside targets on more upside on that chart. Last week, the price failed on the break below the 1.1282-1.1319 area. That area remains a key support area from the earlier swing lows in 2018 (from August and end of October).