EURUSD extends to new session high

Technical Analysis

Author: Greg Michalowski | eurusd

Buyers making a play

As per the earlier post, the lower trend line around the 1.1070 area could not be breached on the hourly chart (there were a string of lows around the 1.1074 level). So buyers decided to make a play and push the price above a topside trend line resistance at 1.1084.  The price high has reached up to 1.1097. 

Buyers making a play

The 1.11000 natural resistance level and recent highs from last week at 1.1009 and 1.11158 are now upside targets should the buyers be able to keep firm control.  

Close risk will be watched against the broken trend line and below that the 100 hour moving average at 50% retracement at 1.1078 area.  

The buyers are making a play. Can they keep control on the break to the upside and push to a retest of last week highs?

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