The EURUSD is stretching to a new session high and in the process:

  • Successfully moved away from its 100 day moving average of 1.08235,
  • Moved above it 61.8% retracement of the move down from the March high at 1.08354
  • Stretches toward the next swing area between 1.0875 and 1.0887.

The technical swing area may give the buyer some cause for pause/profit taking potential. If the price installs against the level, could be a rotation back down toward the 100 day moving average over time. The price moves above 1.0887, traders can get back in from the long side.

The US data was weaker today across the board and that gave the inflation hawks some cause for pause. However, the ECB is on track to cut rates sooner than the Fed. That may help to limit the upside at least for the time being.

Feds Kashkari spoke as how the Fed is likely to stand pat for the time being.

EURUSD stretches to new highs