EURUSD also above the 50% retracement at 1.15958
The price of the EURUSD has broken above the 50% retracement of the move down from the 2018 high at 1.15958. The pair has also moved above the 1.1600 level in the process. That was the high price from yesterday's trade. The high price has extended to 1.1626 after the break.
Drilling to the hourly chart, at the start of the session, the EURUSD moved below the swing lows in the 1.15594 area (see chart below). Staying below that level would have kept the sellers in control and would have would have opened the door for a further probe down toward the 38.2% retracement and rising 100 hour moving average (blue line on in the chart below).
That did not play out. The price moved back above the 1.15594 and started it's move back to the upside.
Admittedly there was some up and down around the 1.1600 level with the 1st break failing. However the 2nd run higher was accompanied with more upside momentum.
Risk now is the 1.1595-1.1600. Traders would not want to see a reversal back down below that area after breaking.
