EURUSD trades to new session highs and gets closer to cluster of resistance

Technical Analysis

Author: Greg Michalowski | eurusd

50%, 100 and 200 hour MAs ahead.

The pair is making new session highs and in the process is approaching a cluster of resistance defined by the the 50% retracement at 1.23348, the 100 hour MA at 1.23371, the 200 hour MA at 1.23401.  That area should give buyers some cause for pause.

The pair moved above a trend line earlier in the session at the 1.2289 area. The subsequent hourly bar low could only reach 1.2300. The last push may be helped by fixing flows (4 PM London fixing).