EURUSD moves to new highs. Test last week's high

Technical Analysis

Author: Greg Michalowski | eurusd

High price from last week at 1.16238 eyed by traders

The EURUSD is traded to a new session high at 1.16213. That has the price just below the high price from last week at 1.16238.

High price from last week at 1.16238 eyed by traders_
As a review (see earlier post), the price declined in the Asian session but found key support against the 200 hour moving average at 1.15705. The low price reached 1.15711. In the early US session, the price moved up to a swing area between 1.1607 and 1.16127. The 100 week moving average is at 1.16142 this week. 

The price has since moved above those resistance levels and are now risk for longs looking for more upside.

Above the high from last weekend traders will look toward the swing high from October 4 at 1.1640, and then the 38.2% retracement of the move down from the September high at 1.16705.

Ultimately, if the buyers are to take more control, getting and staying above the 100 and 200 hour moving average is a step in the right direction, but getting to and through the 38.2% retracement of the last trend move (and it has been down) is another minimum target.
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