The EURUSD raised higher yesterday after finally breaking outside of a trading range that has confined the pair since mid-November (above 1.1385). The price moved to a high of 1.1452 yesterday consolidated in the early Asian session today but stayed above a swing low support near 1.14323, before moving to a new high since November 11 at 1.1477.
Along the way today, the pair was able to extend above its 38.2% retracement of the move down from the September 2021 high. That level comes in at 1.14616. The price has been trading above and below that retracement level over the last five hours of trading. We currently trading just above the level at 1.1466 as I type.
Should the momentum continued to the upside, the next major target comes in at the falling 100 day moving average near 1.1509. The price has not traded above its 100 day moving average since June 16, 2021
