50% retracement 1.1764. Swing area between 1.1767 and 1.17748
The EURUSD is trading at a new seven-day high brain going back to September 22). The pair today based near a swing area at 1.1713-1.1718 and was able to extend above yesterday's highs between 1.17508 and 1.1755. The sellers are taking a break in this area. A move back below the 1.1750 level may give some buyers some cause for pause (and give sellers against resistance some comfort). However, the range for the day is only a modest 54 pips vs. a 77 pip average trading range for the last month or so. So there is room to roam, if the buyers can stay in control.
The high has reached 1.1768 so far. That is above the 50% retracement of the move down from the September 10 high, and between swing areas between 1.17675 and 1.17748. Get above 1.1775, and it should open up the door for a move toward the 61.8% retracement at the nice round number of 1.1800.
