EURUSD continues the run to the upside

Technical Analysis

Author: Greg Michalowski | eurusd

Trades above the high from yesterday

The EURUSD has continued its run to the upside. The range at the start of the day was only 33 pips with the midpoint of the range since June 10 at 1.12941 stalling the upside.

Trades above the high from yesterday_
Since breaking above that midpoint level, the range has increased to 78 pips on the day. That is getting closer to 89 pip average trading range over the last month of trading.

The price has moved above the high from yesterday at 1.1332. The high for the week stalled at 1.13449. Above that are swing highs going back to June 23 at 1.1348 and June 16 at 1.13527. The highs of late have stalled short of the previous high.  Does that pattern continue?  Watch support on a dip for clues.  

Close support intraday will be eyed at 1.1324. That is the 61.8% retracement of the same move down from the June 10 high. It also was home to swing highs going back to June 24. The current hourly bar has stayed above that level. If the run higher can stay above that level maybe the recent lower high pattern is broken and the pair makes a run to the June 16 high (and see what happens there).  If broken, it may not be the end of the run, but we could see a rotation back toward the 1.1302 level.  

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