EURUSD continues trend move higher.

Technical Analysis

Author: Greg Michalowski | eurusd

Approaches broken swing lows going back to mid October.

The EURUSD has the continued the trend  in trading higher in trading today. The price has just moved to a new intraday high of 1.09707. Looking at the daily chart, the price has extended above the 38.2% retracement of the move down from the December 31, 2019 high. That level comes in at 1.09534. It represents close risk for the pair.

Approaches broken swing lows going back to mid October.

On the topside the euro on the daily chart is approaching swing lows going back to mid October. Those low levels came in a range between 1.0980 and 1.0991. Earlier this month
on February 6, the price move below that area and remained below it. Also in the area is a downward sloping trend line which comes in at 1.0989 currently.

Drilling to the 5 minutes chart, the price has been trending to the upside, with modest corrections on the downside moves. The prices running away from its rising 100 bar moving average currently at 1.0935.  For trend momentum, watch the most trend leg higher from the 1.0931 level to the 1.09742 level (so far). The 38.2-50% retracement area comes in at 1.09529 to 1.09579 (top yellow area). In a trend move, if the price can stay above that retracement area, the trend remains firmly on track. If the price should move below that level, the market momentum may be fading. Looking at the 2 corrective moves today, the price has remained above the yellow area each time. The buyers remained in firm control.

EURUSD on the 5 minute chart.
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