Working back toward 1.2300 and triple tops
The EURUSD has moved to a new session high in what is an up and down trading session today.
The high price has just reached 1.23049. The highs from the last three trading days are an obvious hurdle on the topside.
The high from last Wednesday was 1.23093. The high on Thursday was 1.23086 and the high yesterday was at 1.23089. So there is a pretty good ceiling in place that needs to be broken, if the buyers are to push the pair higher.
Helping the bullish tone today has been the support below. Looking at the hourly chart, the volatile up and down move yesterday stalled at the 38.2% retracement area near 1.22402 (of the move up from the December 21 low to the December 30 high). Holding that level was good news (or at least a tilt) for the buyers. The price is also running away from the 100 hour MA (blue line) at 1.22689.
Taking a broader look at the daily chart below, the price remains above a lower trend line at 1.2238 (and moving higher). Buyers continue to lean on the dips by using the lower trend line. On the topside, should the ceiling be busted at 1.2309, that opens the door for further upside momentum. The next target would be a topside trend line cutting across near 1.2367 (and moving higher).
