The EURUSD has seen a boost to the upside as it follows the GBPUSD higher. The narrow trading range of 50 pips coming into the NY session is being extended. That range was well below the 22 day average of around 123 pips. The range is already up to about 96 pips with the most recent extension. That is nearly double the range coming into the NY session.
The break has now taken the price above the double tops from yesterday and earlier today at 0.9898 - just below the natural resistance at 0.9900. That level is now close risk for the pair. Stay above keeps the buyers more in control.
As I type the swing highs from October 6 are being breached at 0.9926. The 61.8% of the move down from the September high (not shown in the chart) is the next target at 0.99452. A move above, that level would open the door further for gains with the highs from October at 0.9997 (just below parity) in the view for traders.
Yields in the US are moving sharply to the downside. The 10 year yield is down to 4.09%.
