EURUSD races toward 1.1400. EURGBP helping.
10 straight higher bars on hourly chart
The EURUSD has marched higher since a correction in the Asian Pacific trading session. IN fact, the pair is in the 10th bar of higher highs and higher closes. The last bar settled at 1.1386. Now the rise has taken the pair up about 89 pips. So it is not super charged, but it is marching.
In the process, the pair is now trading at the highest level since October 15th and that also makes it a new 2016 year high. The pair is also moving away from the trend line which was broken in yesterday's trading. That trend line comes in today at 1.1324. The price moved below that line in the Asian Pacific session (to a low of 1.1309), but could not sustain corrective pressure (see the hourly chart above).
The next targets topside will targets will be at 1.1435, 1.1459, 1.1465 and the October 15 high price of 1.1494. The high price for 2015 spiked up to 1.1711. Looking at the daily chart, the pair at the lows in March tested an area where there have been a lot of swing lows. On the last day of the month, we are approaching and area where there have been a lot of swing highs (see yellow areas in the chart below). In addition the trading range for the month was very similar to that of February.
What will April bring? Do we break higher and put a run for the 2015 high or do we rotate back lower? Share your thoughts.
PS. The EURGBP is helping the EURUSDs move higher as it trades at the highest level since March 24. The high price from March 23 came in at 0.7933. The March 24 high extended to 0.79458. The high today has reached 0.7931. The current price is at 0.7926.