The EURUSD is up 2.3% this week which is the largest gain since November 2022. That has taken the price well above its 100 hour moving average. The market is a bit overbought and today we are seeing some consolidation which is taken the price off the boil a bit, but even so the price is near unchanged on the day.
On the daily chart this week, the price moved above a topside trendline near 1.1136 currently. A swing area between 1.1095 up to 1.11346 was broken along with another swing target going back to 2021 and 2022 at 1.1184. The 1.1184 level is now a close risk level/support level for buyers looking for more upside momentum. On the topside the 61.8% retracement of the move down from the January 2021 high comes in at 1.12740.
This article was written by Greg Michalowski at www.forexlive.com. Source