EURUSD extends above swing area high at 1.09759

The EURUSD is trading to a new session high as European traders look to exit for the day. The price has now moved above a swing area between 1.09618 and 1.09759 (see red numbered circles). That swing area has been defined going back to June 16. On June 21 and June 22, the price moved above that area peaking at 1.10112 (the recent extreme). The natural resistance at 1.1000 followed by the peak at June peak at 1.10112 are the next targets.

For buyers looking for more upside, the risk now is 1.09618. The closer risk would come in at 1.09759.

The range for the EURUSD is up to 44 pips now. That is still well below the 70 pip average over the last 22 trading days. There is room to roam.

Move above 1.1012 and traders will start to look toward the swing high going back to February 2023 at 1.10317. Above that and traders will target the swing highs from April and May 2023 near 1.10950. Those highs are the highest level going back to the end of March 2022 (see daily chart below).

This article was written by Greg Michalowski at Source