EURUSD trades to a new session high. Breaks.

Technical Analysis

Author: Greg Michalowski | eurusd

Move back above the 200  day MA helped today

In an earlier post at the start of the NY session, I commented on the non-trend nature of the EURUSD over the last two trading days. The pair has been in a 55 pip trading range over that period. The low swing area at 1.1861 to 1.18677 held support today. The upper area was defined between 1.1909 to 1.19149.  In between sat the 200 day MA at 1.1883.  The price was testing the 200 day MA.  You can read the post HERE

Move back above the 200  day MA helped today

That MA proved to be a bias definer. The price moved above the 200 day MA and then started to base against the level. The price started to move higher.  

Currently, the high from yesterday is being broken. The current price is at 1.1922. The next major target is the swing high from March 22 at 1.19461. 

For the day, the  move to new high has extended the range for the EURUSD to 62 pips. The 22 day average is 66 pips.  At the start of the day, the range was only 32 pips.  The non trend broke out and has started to trend.  Traders will now want to see the 1.1909 level hold support (the low of the upper extreme). Stay above, and the buyers can continue to run higher in the pair. Move back below, and there may be some concern about the failed break.  

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