EURUSD moves to new session highs
The EURUSD is trading to a new session high and in the process has moved above resistance at 1.2088. The pair is trading at the highest level since week of April 29, 2018.
Looking at the hourly chart, the low price today stalled against a broken trend line. The buyers leaned and kept the buyers in control.
A topside trend line connecting highs from November 23, yesterday and today, cuts across at 1.2096. A move above it, and the natural resistance at 1.2100 would be the next obvious targets.
When trending to new highs with little in the way of old levels to latch onto, the trading decision becomes "where do the sellers take back control?". The 1.2088 was resistance and the earlier high for the day. Moving below is a red flag, but not necessarily a monumental shift. A move below the broken trend line (where we found support buyers today).
Taking a broader look at the daily chart, the next major target area comes between 1.21534 (low from March 1, 2018) and 1.21641 (low from January 18, 2018). See the red numbered circles and the chart below. That old floor, now ceiling, is the low from the consolidation range from the first 4 months of 2018.
