The 1.08607 to 1.08646 are upside targets
The EURUSD has moved higher as a spate of dollar selling pushed the greenback lower. The run to the upside was able to crack above the 200 hour MA at 1.08288 for the 3rd time today. The first two runs failed (near the open and then in the London session). This one has more upside legs.
The run to the upside has taken the price up toward a swing area defined by lows and highs going back to February 12, February 13, February 14 and lastly on Friday. That area comes in at 1.08607 to 1.08646. Technically, it will take a move above that level to solicit more upside momentum. By the same token, sellers may lean against that level on a test (much like they did on Friday). Buyers and sellers will both be interested in seeing which way the "market" shoves on a test.
If the price can be broken, the next target would come in against another swing area at 1.0885 to 1.0890 and then the 38.2% retracement at 1.08984 (call it 1.0900).
Should sellers win this battle against the 1.0860-64 area, a retest of the 200 hour moving average at 1.08288 may be in the cards.
