New highs for the EURUSD
The EUR lagged other currencies in making new lows vs the USD, but the EURUSD has just moved to a new high (new dollar low). The pair traded to a new high of 1.18602, taking out the earlier high at 1.18588.
The next targets comes against the
- 38.2% retracement of the move down from last Friday’s high. That comes in at 1.18708.
- The falling 100 hour moving average is at 1.18755.
- A swing area comes in between 1.1877 and 1.18815 (see green numbered circles and upper yellow area).
If the buyers are to assume more control, getting above those resistance levels are the minimum requirements. Falling short of those levels, and the corrective move higher is a plain-vanilla correction.
A move above that upper cluster of resistance would then look to tackle the 200 hour moving average at 1.19039.
This article was originally published by Forexlive.com. Read the original article here.