EURUSD trades to a new session high

Technical Analysis

Author: Greg Michalowski | eurusd

EURUSD is up around 130 pips on the day.

The EURUSD has continued its trend to the upside and is extending to new session highs. The move took the price above a swing low going back to April 2018 at the 1.20545 level. The next target comes in at the January 2018 swing high at 1.20884. The price just ticked up to 1.20613.

EURUSD is up around 130 pips on the day.
The EURUSD has a low to high trading range of 138 pips. All but a few pips have been in positive territory for the day as a price trended higher. The average trading range over the last 22 trading days (around 1 month of trading) has been around 80 pips. Today's range certainly extends above that average in trend like trading.

Looking at the hourly chart above, the pair moved above the high from yesterday at 1.20027 and the high from September 1 at 1.20105 into the London fixing around 11 AM ET.  The pair also moved above a topside trend line connecting recent highs on the hourly chart near the 1.2022 level. 

The last 4 so hours has seen the price slow it's ascent.  However, the most recent hour has seen the price extend to new highs. 

It would take a move back below the rising trend line currently around 1.2030 to get intraday traders more nervous for perhaps a corrective rotation back to the downside.  

Looking at the 5 minutes chart below, the price rise into the London fixing was modest to the upside. The pair did stay mostly above its 100 bar moving average (blue line). On the moved above the 1.2000 level, the momentum started to increase more to the upside. The consolidation over the last few hours has seen modest corrective action, keeping the buyers in control.  It would take a move below the lower trend line on the chart below around 1.2046 to hurt some of the bullish momentum on this chart.

EURUSD on the 5 minutes chart

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