Moves to highest level since May 19
The EURUSD has pushed to yet another high as US Non Manufacturing data comes our weaker.
The price has moved above aforementioned target at the 1.1218 and now that it is support. The 1.1289 high from May 1 is the next target, followed by 1.1391 (May 8 high).
Looking at the 5 minute chart the 1.1230-39 is close support. This is the 38.2-50% of the last trend move higher (from the 1.1190 low to the 1.1270 high). The 1.1190 low fit nicely against the highs from yesterday and today.
The range today is about 191 pips now. Yesterday's range extended 278 pips. This is above average ranges. The buyers have shown that they are in control over the last few days. The correction today, fell right to the 100 day MA (blue line in the chart above) and bounced. The shorts have been on the defensive since that point. The sellers have to show they can take control.